According to an amended application recently filed with the City, developer Atlantica Properties has plans for a 43-unit townhome development in Atlanta’s Grove Park neighborhood. The Atlanta Zoning Review Board will review the project on November 4, 2021. As indicated in a prior What Now Atlanta article, the project was initially scheduled for review by the Board in April.
The development located at 480 South Evelyn Place NW, Atlanta contained as many as 46 townhome units on the five-acre site.
According to recent documents submitted to the City, Atlantica Properties proposes to construct forty-three for-sale townhomes. To support affordable homeownership, at least 20% of the units will be sold to individuals or families that earn between 60% and 100% AMI.
This project will enter into several partnerships to ensure permanent affordability, including the Atlanta Land Trust, as first reported in What Now Atlanta.
By working with the Atlanta Land Trust, the project can assure long-term affordable homeownership opportunities by acquiring and maintaining ownership of the land with the future homeowner entering a long-term lease on the ground when purchasing the house. The ALT will then enter into a partnership with the new residents to sustain homeownership. In exchange, the new homeowner agrees to sell the home at a restricted and affordable housing price point to another lower-income buyer in the future. In addition, ALT uses different resale formulas, allowing homeowners to realize 25% of the home’s appreciated value or an option of using average income growth to determine how much equity the homeowner can anticipate upon the sale of the house.
Upon the successful approval of the development plans, Grove Park Townhomes anticipates the 43 townhome units will be constructed by the Fall of 2022.