Wingate Companies will hold a groundbreaking ceremony on Thursday for Station 496, a 123-unit affordable housing project in Old Fourth Ward that it says it expects to open next spring, the company announced this week.
Slated for 496 Boulevard NE, the five-story building is the third phase of Wingate Companies’ master redevelopment plan to preserve and expand upon its 733-unit collection of residential properties in Old Fourth Ward. The Massachusetts-based developer’s earlier projects in the area include an 80-unit affordable senior housing project at 420 Boulevard NE and Station 464, a 96-unit affordable housing project just south of the Station 496 project site.
“We are excited to work alongside the City of Atlanta and our community partners to deliver modern, high-quality affordable housing options for families that will contribute to the area’s revitalization while enhancing the quality of life for our residents,” Wingate Companies CEO Mark Schuster said in a statement.
The project was approved for $38 million in lease-purchase bond financing by Invest Atlanta in late 2019, with plans calling for 10 studios, 43 one-bedrooms, 51 two-bedrooms, and 20 three-bedrooms, all at 60 percent of area median income.
Amenities will include a business center, community room, fitness center, and outdoor playground.
The list of guests at the groundbreaking ceremony Thursday morning is expected to include Atlanta Mayor Keisha Lance Bottoms, Invest Atlanta President and CEO Eloisa Klementich, and former U.S. Congressman Kwanza Hall, according to this week’s announcement.
In all, Wingate Companies has developed more than 2,000 units in the Atlanta market. Nationwide, it manages more than 16,000 units across 18 states.
