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Several permits were filed last week with the City of Atlanta for Grove Park Gardens, an affordable multi-family development, at 557 W Lake Ave., near the Westside Reservoir Park.
It is “currently awaiting permitting and pricing,” a representative from JHP Architecture shared with What Now Atlanta over the phone.
When completed, the development by the Grove Park Foundation in partnership with Columbia Residential will contain 110 units of newly-constructed multi-family housing, 90 of which will be set aside as affordable at different income levels, ensuring options for housing affordability.
According to a market study filed with Georgia’s Department of Community Affairs, “A total of 34 units are proposed to be income-restricted to 50 percent of AMI; a total of 56 units are proposed to be income-restricted to 60 percent of AMI; a total of 20 units are proposed to be set aside as market-rate units; no units are proposed to benefit from project-based rental assistance; no units are proposed to benefit from HOME financing.
Under the proposed terms of the tax credit financing, these restrictions will have a term of 30 years.”
Currently, the Grove Park neighborhood is 97 percent single-family homes, with limited inventory for affordable, multi-family housing.
Grove Park Gardens will be the first multi-family rental development built in decades in the community that has been underserved and underresourced, according to SK Collaborative, a consultant on the project.
“And it comes at a time when Grove Park residents face a complex set of market pressures, from the development of the future Westside Reservoir Park to the Beltline trails, and other commercial and residential developments that will bring new residents seeking to live in-town.”
The residential development is part of a larger neighborhood revitalization strategy for Grove Park, which also includes initiatives in education, community wellness and financial empowerment to ensure Grove Park and the greater Bankhead area’s transformation does not come to the detriment of its longtime residents.
Invest Atlanta is supporting the project with $500,000 in Housing Opportunity Bond financing and the Georgia Department of Community Affairs has awarded the Grove Park Foundation and Columbia Residential, nine percent Low Income Housing Tax Credits.
The development should wrap in December of 2020.