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Invest Atlanta Thursday approved financing on four affordable housing projects that would bring 700 new units total to the area, a spokesperson for the organization confirmed in an email to What Now Atlanta. Across the four projects, 82 percent would be designated for residents earning 60 percent or below the region’s average median income (AMI.) Across the four projects, Invest Atlanta provided $81,000,000 in financing.
The first two are both a part of an effort to redevelop the area around Greenbriar Mall, at 2841 Greenbriar Parkway, SW. One project calls for 240 units with a clubhouse, business center, community room, fitness center, yoga studio, dog park, playground, and swimming pools. The project received a $29,500,000 tax-exempt loan and is being developed by Dominium Development & Acquisitions, LLC and Beverly J. Searles Foundation. It has an 18-month timeline and would be completed in 2022.
The second Greenbriar project shares the same development team and construction timeline. Built for “seniors” 55 and older, the project would offer 244 units and its amenities would include a clubhouse, clubroom, business center, fitness center, community kitchen, theater room, salon, library, card and craft room, laundry facility, and grill stations. Financing for this project through Invest Atlanta arrives by way of a $28,500,000 tax-exempt loan.
Prestwick Development Company, LLC received $16,500,000 in tax-exempt financing for the third project, a 160-unit Chosewood Park development, at 1265 Lakewood Avenue, SE (shown below). Also designated as “senior housing,” the Chosewood Park project is expected to take 14 months to construct and will be completed in 2022. Its amenities include a community room with a kitchen, fitness center, business center with computer stations, a wellness room, interior gathering areas, a laundry room, and a community garden.
With an estimated completion timeline of 2022 following 24 months of construction, the fourth project — in the Peoplestown neighborhood — would be a 56-unit multifamily housing development, at 156 Hank Aaron Drive, SW (shown above). Amenities include a basketball court and a central laundry facility. Developer Woda Cooper Development Inc. was awarded a $6,500,000 tax-exempt loan.