As plans to redevelop Underground Atlanta take shape, there’s a proposal for an apartment complex that would be mostly comprised of affordable units.
The Avery at Underground Atlanta would be a $36.7 million, four-story, 180-unit multifamily development “within the heart of Underground Atlanta,” according to a fact sheet on the Invest Atlanta website. Of those units, 150 – 83 percent – would be affordable and rented out to families making 60 percent of Area Median Income or lower. The remaining units would be considered market rate.
A reduced-rent one bedroom apartment would rent for $703 a month to a qualified tenant, and a market rate would rent for $1,046.
Here is the full breakdown of market rate and affordable rents at The Avery:
Prestwick Development Company asked for $3.6 million in incentives to help finance the project. Invest Atlanta approved the incentives at its July board meeting. It was one of five projects approved to create or retain a total of 493 affordable housing units. The other projects are:
– Newport South Downtown Redevelopment: The board approved an $8 million Eastside TAD grant to Newport U.S. RE to renovate and adaptively reuse 38 buildings in South Downtown into a vibrant mixed-income, mixed-use neighborhood. The development will include 52 residential units, 11 of which will be targeted to households earning 80% AMI. The overall project is estimated to create 2,300 new permanent jobs and have an economic impact of $260 million.
– King Memorial MARTA Transit-Oriented Development (TOD): The board approved a $6 million Eastside TAD grant to Place Properties to support the development of a $64.5 million, 385-unit modular multifamily community at the King Memorial MARTA station. Twenty-five percent of the units, or 93, will be income-restricted to households earning 80% AMI.
– Edgewood Court Apartments: The board approved an inducement resolution to issue $26.4 million in tax-exempt bonds to finance the acquisition, rehabilitation, and preservation of 222 units of multifamily affordable housing. These units are income-restricted to households earning 60% AMI, with residents paying no more than 30% of their income toward rent.
– Quest Village at D’alvigney: The board approved a resolution authoring a $245,800 loan from the Vine City Housing Trust fund to rehabilitate a 12-unit multifamily development at 694 and 700 D’alvigney Street. Quest Community Development Organization will manage the construction.
Source: Invest Atlanta
Construction of The Avery could start as early as 2018, according to the fact-sheet.
Here is the full fact-sheet from Invest Atlanta: