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Gorman & Company has plans for a 60-unit affordable housing project in the Penelope Neighbors neighborhood, just west of the West Lake MARTA Station, it said this week. The project will be the first in Atlanta for the Wisconsin-based developer, which says it expects to start construction in October and finish in February 2023.
Named Residences at Westview, the project is slated for a vacant, 2.38-acre parcel at 1991 MLK Drive SW and will include three three-story walk-up apartment and townhome buildings, along with a community building that also has two one-bedroom units. It will contain 16 one-bedrooms, 24 two-bedrooms, and 20 three-bedrooms with monthly rents set for households earning between 50 percent and 60 percent of area median income.
The developer announced Tuesday that it has been awarded $6.9 million and $4.3 million in federal and state grants, respectively, to build the project, which it says will cost $14.6 million.
“As the demand for affordable housing grows, Gorman & Company is committed to providing innovative and efficient solutions to help mitigate the housing crisis,” Gorman & Company Southeast Market President Joel Reed said in a statement.
“Our Southeast Region team rose to the challenge to do our part for the city of Atlanta.”
Gross rents are expected to range from as low as $747 for the one-bedrooms to up to $1,243 for the three-bedrooms.
The developer submitted to the city of Atlanta in mid-March an application to rezone the project site from MRC-1-C and C-1 to MRC-1, or mixed residential commercial, filings with the city show.
Plans call for 69 parking spaces mostly as surface parking alongside the project’s four buildings, along with 12 bicycle spaces.
Amenities in Residences at Westview will include a playground and community garden, with after-school care to be provided by Catholic Charities Atlanta.
Tapestry Development Group has acted as a consultant for the project.
Founded in 1984, Gorman & Company is a vertically integrated commercial real estate company specializing in affordable housing. Along with a new office in Georgia, it also has offices in Wisconsin, Illinois, Colorado, Arizona, Ohio, and Florida.