549-unit apartment complex proposed for flood-damaged Swannanoa corridor

A 549-unit apartment complex is being proposed for a flood-damaged stretch of Swannanoa River Road near Britt Drive, putting one of east Asheville’s most visible Helene-hit sites back into play. CML SRR LLC, the Atlanta-based applicant with Asheville real estate attorney Jason Peltz listed as registered agent, filed the conditional zoning application June 25 for 120 Swannanoa River Road, where the overall site covers nearly 36 acres and seven parcels total about 8.55 acres.

The plan would replace a 1974 warehouse that housed vintage furniture and antique businesses on land tied to the former W.R. Candler Transfer Co. property. It is laid out in three phases: a first building with 300 apartments, a second phase with two buildings totaling 170 units, and a final 79-unit building. The estimated construction value is $75 million, and the buildings would sit on podium parking structures with new utility, stormwater and street infrastructure built into the project.

Design and engineering work was prepared by 360 Studio Landscape Architecture, Planners & Engineers Collaborative and Axis Infrastructure. A neighborhood meeting was held June 10, and the city’s Technical Review Committee is scheduled to review the proposal July 20. Ross Creek runs through the property before joining the Swannanoa River, much of the previously developed portion of the site was hit by flooding and storm damage, and significant wooded areas may be retained, especially near Kenilworth.

A traffic impact study and flood study are underway, with FEMA floodplain data being used in the analysis and floodplain compensation areas being evaluated to offset development impacts. The Kenilworth Forest Residents Association has said earlier plans for the site failed because of floodplain concerns and a lack of safe emergency egress.

Buncombe County’s 2043 Comprehensive Plan, adopted in 2023, identified the corridor for more detailed planning, and in 2025 the county said it would work with the community on a Small Area, Recovery and Resilience Plan covering housing, transportation, health, recreation and disaster mitigation. That effort stretches across Swannanoa and nearby communities including Riceville, Oteen, Lytle Cove, Lake Eden, Bee Tree, Patton Cove and Buckeye Cove.

In May 2026, North Carolina announced more than $1.2 million in Flood Resiliency Blueprint funding for Swannanoa and Rosman, including an $822,780 RiverLink project on a 4.45-acre Swannanoa River property expected to create about 1.6 million gallons of floodwater storage. Buncombe County says Charles D. Owen Park suffered the worst storm damage of any county park after Tropical Storm Helene, with the Swannanoa River cutting a new path through the site and destroying fishing ponds.