An apartment project in Southwest Atlanta is set to begin construction soon and will provide affordable housing to the area for generations to come, officials announced today.
Located near the MARTA station and at the confluence of the Beltline’s Westside and Southside trails, Capitol View Development is a joint venture between Prestwick Development Company and the Atlanta Neighborhood Development Partnership.
All but 10 of the 58 rental homes in the 1055 Arden Avenue project will be anchored in affordable housing for 65 years.
A financing deal paving the way for construction with a $2 million donation from Atlanta Beltline and Invest Atlanta closed on Friday, a Beltline official said today.
ANDP will continue to own the underlying land. Beltline officials say developing such a low-income housing tax credit only takes 30 years of affordability, but the “innovative land leasing model” allows the development team to make that affordability possible. can more than double his timeframe.
28 apartments will be reserved for families or singles below 50% of the median income in the area. Six of them are reserved as permanent supportive housing for people experiencing homelessness through the Atlanta Housing/Partners for Homes program.
On the other hand, AMI with 20 units will be capped at 60% and the remaining 10 units will be rented at market rate. All apartments have one or two bedrooms.
An empty warehouse built in 1986 now occupies 1.7 acres on Arden Avenue, according to LoopNet.
The property is located between Sylvan Middle School and the Oakland City MARTA station, with the entrance to the transit hub at the end of the block across the street.The historical Nabisco factory that became a hot topic Redevelopment talks It also sits on 32 acres across the street.
Senior housing project, rises adjacent to 162 units Gateway Capitol View, it opened in 2018. It was also the work of Prestwick Companies, Invest Atlanta, Beltline Affordable Housing Trust Fund, Georgia Department of Community Affairs and Atlanta Housing.
At street level, the new Arden Avenue community also has 2,000 square feet of commercial space, which could serve as a restaurant and community grocery store, according to Beltline officials.
Amenities may not be Midtown luxury, but they include a fitness center, kitchen, business center with computers, community gardens, gazebos, picnic areas, and an arts and crafts room.
Dwell Design Studio will act as the architect and JM Wilkerson Construction will act as the general contractor.
Beltline officials say construction on the apartment will break “in the coming weeks” and will be completed in about 18 months.
Clyde Higgs, President and CEO of BeltLine, said the Capitol View project will help the agency move toward its goal of creating 5,600 affordable housing units by 2030, when the BeltLine loop is scheduled for completion. He said he expects to achieve 56.2%.
“We are exceeding our affordable housing goals this year,” Higgs said in a press release.[and] We are very excited about this new development that will provide much-needed housing and long-term affordability to people in this Beltline-adjacent community located just steps away from Auckland City’s MARTA station. ”
• Image: How a fully furnished $1,000 apartment project came to life (Urbanization of Atlanta)