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South Charlotte residents forced out to make room for new development

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CHARLOTTE, NC (WBTV) -

A very busy stretch along Park Road between Tyvola and Woodlawn offers a place that's been in Charlotte for decades.

However, folks who call the Stratford Apartments home are living there on borrowed time.

Fran Varian is among who were served with a letter saying pack up and move out of here by April 1.

"It's a hardship. I live on disability, and it's really tight for me," she said.

Dustin Palmer got the same note.

"We do get a free month's rent this last month that we don't have to pay for,"Palmer said." That's really the least they could do. I guess."

What's going on at this development clearly points to changing face of housing in Charlotte.

The Vue in Center City Charlotte offers another telling case in point.

Initially it opened as a condo development, but now the units inside the high rise are being rented as luxury apartments.

"A lot of it has to do with the financing of the projects. Developers develop. They need to build product, and they need to find financing from the banks in order to get the financing off the ground."

That's according to T.J. Larsen who owns MyTownhome.com, and he also says lenders these days are favoring financing of big rental projects.

"It's very easy to look at an apartment complex. Project rents, project absorption, and lend on that project," Larson said.

Back at the Stratford, the aging complex will be replaced by a new development which features apartments and retail.

It's being called Myers Park Place, but those forced out like Fran Varian will leave in fear.

"I worry about all of us, it's going to be a struggle."

Developers from the Pollack Shores Real Estate Company tells WBTV ground should be broken for the new development by the end of April and that it is expected to be completed before the end of 2015.

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