The Invest Atlanta Board of Directors last month approved a $2 million grant from the Westside TAD Ascension Fund for The Proctor, a 138-unit mixed-use multifamily project planned for the English Avenue neighborhood.
The owner and developer behind the proposed project, which is slated for a vacant lot at 703 Lindsay St. NW, is Atlanta-based company Windsor Stevens. It hopes to start on the project’s roughly two-year construction timeline in July or August, according to Windsor Stevens Managing Partner Rod Mullice.
Originally planned as a condominium development, The Proctor is now designed to hold 132 apartments and six for-sale live-work units for local small businesses. It would contain 21 studios, 87 one-bedrooms, and 24 two-bedrooms, with 14 units reserved for households at 50 percent of area median income or below and 18 reserved for households at 80 percent of AMI or below.
Apartment rents are expected to range from $724 to $991 at 50 percent of AMI, $1,192 to $1,532 at 80 percent of AMI, and $1,455 to $2,214 at market rates, according to an Invest Atlanta project fact sheet.
The project’s six live-work units would be set at prices intended to be affordable for households at 120 percent of AMI, having expected costs of $217,440 each, the fact sheet shows. They would be alongside about 10,000 square feet of retail space intended for local entrepreneurs, plans show.
The fact sheet for The Proctor lists a development budget of about $39.4 million.
In the same meeting, Invest Atlanta’s board approved another grant of $1 million for Prestwick Development Company’s 160-unit senior housing project in Chosewood Park.
