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CVS Health invests $16 million in Charlotte affordable housing

January 17, 2023 |3 minute read time

Artist rendering of affordable housing units in Charlotte

New investment will help provide affordable, stable housing and supportive services to key city personnel, individuals and families

WOONSOCKET, R.I., Jan. 17, 2023 — CVS Health® (NYSE: CVS) today announced it will invest $16 million with Urban Atlantic, North Carolina’s INLIVIAN (formerly the Charlotte Housing Authority), and Red Stone Equity Partners to bring a new, unique housing concept to North Carolina. The investment will provide 106 new affordable housing units in Charlotte as part of the company’s commitment to advancing health equity by addressing social determinants of health at the local level.

“We recognize the need to address housing affordability for key city personnel and believe that every person should be able to live near where they work,” said Jim Bostian, North Carolina President of Aetna®, a CVS Health Company. “Our investment in Charlotte will help improve health outcomes for individuals and families, allowing them to manage their mental and physical health better and thrive in a high-quality, safe and affordable environment.”

The development, called Trella Uptown, is a new, 353-unit mixed-income apartment community featuring top-flight amenities in the center of Charlotte’s Central Business District. The 106 affordable units will be dispersed throughout the building and will have the same features and amenities as the 247 market-rate units. The development will feature studio, one-, two- and three-bedroom units with high-quality finishes, air conditioning, balconies and patios, and washer and dryers. Amenities will include a co-working café, dog park and pet spa, resort-style pool, fitness studio with yoga room, and rooftop recreation deck with grills, lawn games and pickleball courts, available to all residents.

“This investment is a demonstration of a public-private partnership that will provide a solution that supports the city’s affordable housing strategy and will help to ensure more Charlotteans have access to the quality of life they desire,” said Charlotte Mayor Vi Lyles.

“The closing of the construction financing is a significant milestone in North Carolina’s mixed-income development of its kind,” said Fulton Meachem, Jr., President and CEO of INLIVIAN. “Trella Uptown is innovative and the first of its kind in the state. It brings us one step closer to realizing our bold vision to provide community-focused, luxury, mixed-income housing in one of Charlotte’s top employment, educational and cultural centers.”

About CVS Health

CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

Media contact

Shannon Dillon