The board of directors for Invest Atlanta‘s housing finance group last week voted to issue up to $29.5 million in tax-exempt bonds to help finance part of Flats at Stone Hogan, an over 700-unit mixed-income community planned for the Greenbriar neighborhood.
The financing will go toward the first 256 units of the project, which is located at 2796 Continental Colony Parkway SW, according to a fact sheet accompanying last week’s Urban Residential Finance Authority Board of Directors vote.
The project is being steered by Springfield, Missouri-based Wilhoit Properties, a subsidiary of affordable housing developer Zimmerman Properties, which also owns the project site through an affiliate.
Also involved is TriStar Realty Investments and Atlanta Housing, the city’s housing authority.
Plans call for 75 units at 50-percent of area median income or below, 78 at 60-percent AMI or below, 75 at 70-percent AMI or below, and 28 market-rate units, with monthly two-bedroom rents for each expected to be $675, $850, $950, and $1,100, respectively.
The total unit mix will consist of 32 one-bedrooms, 112 two-bedrooms, and 112 three-bedrooms, with unit sizes of 725, 900, and 1,100 square feet, respectively.
According to the project fact sheet, the site will eventually hold 313 family units, 182 senior units, and 251 market-rate units, with over 870 parking spaces.
Designed by firm David Baker Architects, the project’s first phase will also feature a list of amenities that includes a clubhouse, fitness center, wellness center, library, and swimming pools.
Its development budget is shown as almost $60 million, with construction expected to take 24 months and wrap up in 2023.
