Developers and city officials say a project that will open the door to homeownership for West Side Atlanta residents is making headway by breaking through former rental communities.
Opposite the new building of Vine City centerpiece parka 73-unit townhome venture (called Parkview) has completed the demolition of Villas at the Dome, a longtime rental complex off North Side Drive in the shadow of downtown.
Project leaders say the rental community alternative offers locals the opportunity to buy townhomes and build wealth through equity. The groundbreaking ceremony he held in November.
Riddle Property Group, an Atlanta-based minority real estate developer, operator and owner, has partnered with the NCRC Housing Rehabilitation Fund, known as NCRC’s GROWTH, on the Vine City project. Invest Atlanta approved a $2 million Westside Tax Allocation District grant last year to help fund the project.
The Parkview development site is on the block just east of it. New 16 Acre Rodney Cook Senior Parkwhich will open in the summer of 2021, proving its attractiveness to attract investment. land dealmultifamily development, or Detached house rehabilitation.
Parkview’s plans initially called for the retrofitting of two of the existing rental buildings (18 townhomes total) to be incorporated into the new building. Those plans have apparently changed as a complete block has been cleared, as evidenced by a recent site visit.
Growth NCRC spokesperson Linda Belcher says plans for Urbanize Atlanta have changed. [previous] The building was a very exorbitant cost. The revised plan allows 11 additional townhomes to be built.
This allows us to offer “brand new 4 bedroom townhomes while ensuring that at least 20% of the units within this community are permanently affordable. That’s what we promised at the time,” Belcher wrote in an email.
Growth NCRC officials said last year that the new townhomes would be available for occupancy in the summer of 2023, but that timeline has been pushed back to next fall, Belcher said.
Belcher said it’s “a little too early to lock in a price range just yet” of the unit for sale. Townhomes are reserved as affordable housing for families earning 80% of the median income in the area.
“Land title will be placed in a land trust,” a Growth By NCRC official wrote last year. [that] The Trust manages policies and procedures related to affordability requirements. [homeowner] sale.
All 73 townhomes in mixed-income communities range from 1,151 to 1,641 square feet.
GROWTH by NCRC specializes in providing home ownership to low- and middle-income individuals with a focus on communities of color. The initiative has invested about $125 million in about 800 homes across the country over the past five years, the company’s chief said in November.
Additional funding from Invest Atlanta is expected to help buyers qualify for income with down payments and closing costs. Today, nearly 75% of his housing is rented in Vine City, and he has spent decades tackling crime, plague, poverty and displacement.
Officials at Invest Atlanta have described the Parkview project as an “ideal transit-oriented development,” with the Vine City MARTA station located 0.4 miles south and the main entrance to Westside beltline connector Not even one block away. For more information, visit the gallery above.
• This Vine City property is asking for $300,000.home not included (Urbanization of Atlanta)