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Atlanta BeltLine, Inc. (ABI) and the Atlanta BeltLine Partnership (ABP), with the support of the City of Atlanta and Invest Atlanta, have purchased +/- 31 acres, at 425 Chappell Road, NW, 30318.
“This latest land acquisition represents ABI’s largest transaction to date in support of affordable housing,” according to an announcement Thursday. “It is part of ABI’s strategy to create thoughtful development that spurs affordable housing, job creation, small business growth, and connectivity through land ownership.”
Situated in the Bankhead/Historic Westin Heights neighborhood and adjacent to the Grove Park neighborhood, 425 Chappell Road is located approximately a half-mile from the Bankhead MARTA station. It sits near a planned segment of the Atlanta BeltLine Westside Trail, south of both Maddox Park and Westside Park, with potential to extend the Proctor Creek Trail from the Westside Park to Washington Park through the Chappell Road site.
The location — with possibilities for regional transit and trail connectivity — has sparked a large influx of interest from private developers and corporations, most notably Microsoft with its planned 90-acre campus.
“We are pleased to announce that Atlanta BeltLine, Inc. has purchased this property on Chappell Road, in one of Atlanta’s Westside communities,” Atlanta Mayor Keisha Lance Bottoms said in the announcement. “This historic neighborhood will be enhanced with the creation of inclusive and affordable development.”
Similar to other sites owned by ABI, ABI will conduct community engagement to incorporate the desires and vision of adjacent residents and local businesses, culminating in a Request for Proposals to invite developers to submit proposals to redevelop the site.
“The Chappell Road site is of regional significance and will have a profound positive impact on the affordability and job creation promises of the Atlanta BeltLine,” Clyde Higgs, CEO of ABI, said. “We will work alongside surrounding neighborhoods to ensure outcomes that benefit residents while furthering connectivity and economic impact within the City of Atlanta.”
Brock Built Homes, and their affiliated companies, sold the property to ABI for $25.6 million, 30percent below their last appraised value. The reduction in the sales price is a donation from the Brocks to further the goal of an affordable and inclusive Atlanta.
“The Chappell Road property holds a special place in our hearts,” Adam Brock, an executive with Brock Built Homes, said. “The site is located amongst vastly different worlds: Microsoft’s future corporate campus, the Westside Park – one of the City’s greatest amenities – and one of the most disenfranchised communities in Atlanta. We were intentional in selecting Atlanta BeltLine, Inc. and are proud to see the site be put into the hands of an organization with a commitment to making Atlanta accessible and inclusive to all of its residents.”
Financing of the acquisition was made possible through Atlantic Capital Bank. The site is located within the BeltLine Tax Allocation District (TAD) and bounded by Chappell Road, North Avenue, Mayson Turner Road, and a CSX rail line.
ABI has now assembled approximately 65 acres in various geographies around the Atlanta BeltLine as part of a strategy to create long-term affordability and targeted job-creation.
ABI’s holdings including Murphy Crossing (a 20+ acre site in southwest Atlanta), Avon Avenue (a 9.3+/- acre property in southwest Atlanta), Garson Road (a 3-acre property in south Buckhead), and Madison Reynoldstown (1+ acre in east Atlanta).
“Additionally, the passage of the Special Service District (SSD) will provide ABI the opportunity to advance equity within communities through housing affordability and small business support, job creation, and the increased hiring of Minority Business Enterprises.”