The Invest Atlanta Board of Directors Thursday morning will review a proposed $53.63 million lease purchase bond inducement resolution for the construction of Populus @ Westside, a planned 286-unit multifamily development at 1315 Northwest Drive in the Monroe Heights neighborhood. The developer and owner behind the residential rental project is Atlanta-based Novare Group.
Plans call for 243 market-rate and 43 below-market-rate apartment units spread across eight residential buildings at the 25.26-acre project site, which is between Northwest Drive to the south and Proctor Creek to the north. A project fact sheet lists an affordability period of 10 years for the development’s below-market-rate units.
“The Proctor Creek Trail will run along the western side of the property and will be the ultimate amenity, providing bike and foot access to Westside Park at Bellwood Quarry and the Atlanta BeltLine,” Novare Group President and CEO Jim Borders said in a statement provided to What Now Atlanta last month.
The developer’s plans for the site go back to last year. It filed special administrative permit application documents for the development last month and anticipates an 18-month construction period wrapping up in 2023, according to the project fact sheet.
Led by project architect Dynamik Design, the design for Populus is described as “mountain-modern.”
Its affordable component would include a mix of units reserved for households at 60 percent of area median income and below and 80 percent of AMI and below. While market-rate one-bedrooms are expected to cost $1,375 per month, those at the below-market-rate strata would be $930 and $1,241, respectively, the fact sheet shows.
In all, plans call for 12 studios, 116 one-bedrooms, 128 two-bedrooms, and 30 three-bedrooms. Unit sizes would range from 548 square feet for the studios up to 1,269 square feet for the three-bedrooms.
One Response
I don’t think it means they are seeking financing. This is just to get free property taxes?