Charlotte- A Growth Machine

Charlotte is the nation’s second largest banking center under New York City, which also makes it the second largest banking center in the western hemisphere. The extreme vertical growth of uptown Charlotte was the direct result of a group of bank leaders who joined together with the specific goal of creating a “skyline” in Charlotte. Charlotte truly is a “growth machine.”

Charlotte is home to Wachovia and Bank of America, two of America’s largest banks. Also 286 of the Fortune 500 companies have facilities in Charlotte. Charlotte’s companies hold more that 1.3 trillion dollars in assets.

Charlotte and Gentrification

Source: http://www.apartments.com/

1- Central Charlotte (Dilworth, Myers Park, Tryon Hills, Uptown)

2- East Charlotte (Mint Hill)

3- Gaston County (Belmont, Gastonia)

4- North Charlotte (Concord, Huntersville)

5- Northeast Charlotte (University City)

6- Northwest Charlotte (Coulwood)

7- South Charlotte (Carmel, Pineville, SouthPark)

8- Southeast Charlotte (Matthews, Winwood)

9- Southwest Charlotte (Carowinds)

10- West Charlotte (Airport Area, Homestead)

Today, Charlotte is experiencing urban sprawl unlike any other city in the south. As of 2000 it had annexed roughly 60 square miles of land surrounding its urban center, incorporating almost 70,000 people in the nineties alone. With such massive expansion come issues of revitalization and gentrification. One way in which Charlotte’s government is approaching the negative effects of gentrification is by zoning for mixed development and establishing mixed-income housing communities, where the neighborhoods are made up of income-based apartments, condos, and single-family homes. In this way, the costs of managing the lower-income areas, previously dependent upon federal subsidies, will be covered by the higher paying rents and part of the profits of real estate sales.