The Michaels Organization has plans for a $22 million rehabilitation of the 129-unit assisted senior living community at 2440 Barge Rd. in southwestern Atlanta, according to the Urban Residential Finance Authority meeting agenda this week.
The developer is seeking for the Invest Atlanta authority to issue up to $12 million in tax-exempt multifamily housing revenue bonds to help finance acquisition of the property and construction. Located near the Mellwood neighborhood, the existing property is currently owned by the city of Atlanta, which would sell it to The Michaels Organization for about $6.8 million if the deal is approved, a fact sheet for the project shows.
Plans are for the Barge Road community to remain a senior living community, serving individuals 55 years old and up or disabled in 129 650-square-foot one-bedroom units. Rents would be restricted to affordable at 60 percent of area median income, or an expected $930 a month, plans show. Through Atlanta Housing‘s participation in the Rental Assistance Demonstration program, all residents would not pay more than 30 percent of their income.
Other planned financing sources The Michaels Organization would use include federal and state tax credit equity and an Atlanta Housing construction loan.
Designed by Goode Van Slyke Architecture, the project has an estimated construction timeline of 18 months and completion in 2023.
The Michaels Organization is one of the largest affordable housing owners and developers in the country, with over 55,000 units developed and a portfolio spread across 35 U.S. states and territories, according to its website. Its work in Atlanta includes the 208-unit Piedmont Senior Tower rehabilitation project, which itself received $13.5 million in financing from Invest Atlanta in 2017.
Having gone before the URFA finance and housing committees this month, The Michaels Organization’s plans for 2440 Barge Rd. next need approvals from the URFA Board.
