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All-affordable BeltLine housing development starts to rise

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Another above-ground parking lot adjacent to the Beltline has been abandoned in obsolete planning purgatory as a rare development has begun where most of the homes are not rentable at market prices.

As evidenced by a site visit this week, the Madison-at-Reynoldstown project has bottomed out, installed braces, and refurbished two of Atlanta’s fastest growing transportation corridors, the Beltline. eastside trail When memorial drive.

Over several years of work, the $43.6 million project is a joint effort by Atlanta Housing, the City of Atlanta, Invest Atlanta, and the Atlanta Beltline. Finally, we will preserve the long-standing loft in the former warehouse of the Reynoldstown Crossing Building.

It claims 1.2 acres on the northeast corner of Memorial Drive and Chester Avenue in Reynoldstown. Reynoldstown has been one of the hottest real estate markets in town for him this decade.

Site plan showing how Madison, Reynoldstown fits into existing condominiums, lofts at Reynoldstown Crossing along the Eastside Trail. Praxis3 from Rea Ventures Group

As emphasized by Beltline leaders, the location gives families quick access to grocery stores (Publix and KroBar), entertainment, green spaces, restaurants, and business hubs such as nearby Madison Yards and Krog Street Market. increase.

All Madison at Reynoldstown homes developed by Rea Ventures Group will be reserved as affordable housing for households below 80% of the area’s median income. The contract has been locked into the property for 30 years, officials previously told Urbanize Atlanta.

Beginning of this week’s vertical in Madison for the Reynoldstown Project, looking east from Chester Avenue. Josh Green/Urbanize Atlanta

The exact rent has not been specified, but the breakdown of the units is 71 one-bedroom, 36 two-bedroom, and nine three-bedroom, two-bathroom apartments.

Atlanta’s housing program, called HomeFlex, also provides subsidies to residents of 46 units. According to project leaders, these will be dedicated to working families earning up to 30% of the median income in the region.

Near the Eastside Trail (right). Josh Green/Urbanize Atlanta

Plans call for one parking space per unit and approximately 2,700 square feet of commercial or retail space. This includes a section facing the Eastside Trail and another section on Memorial Drive.

Public-private funding sources include a $21.5 million tax-exempt bond from Invest Atlanta, a $2 million grant from the Beltline Affordable Housing Trust Fund, and a $4.4 million National Housing Trust Fund grant from the Georgia Department of Community Affairs. Prize money included. Above all. Atlanta Housing invests his $8.9 million in addition to HomeFlex grants.

Where Madison replaces the parking lot at Reynoldstown’s planned frontage on the Beltline’s Eastside Trail. Practice 3

The project’s architect, Praxis3, describes the project as a city statement “on the ongoing gentrification and growing shortage of affordable workplace housing.”

The project is expected to open around September 2023, according to BeltLine officials, as it will take about 18 months to complete. Rental applications will be accepted closer to the project’s debut.

Before/After: Atlanta Beltline’s Famous Eastside Trail Celebrates 10th Anniversary (Urbanization of Atlanta)

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