Prestwick Development Company plans on building a 58-unit second phase of Gateway Capitol View northeast of the intersection of Murphy and Arden Avenues, according to the Urban Residential Finance Authority‘s Housing Committee meeting agenda this week.
The project would hold 48 below-market-rate units and 10 market-rate units in a single building at 1055 Arden Ave. SW, just east of Prestwick’s 162-unit senior housing first phase, which opened in 2018, and the Oakland City MARTA station. In February, the company filed a demolition permit application for two light industrial buildings held by the site, city records show.
“This rapidly changing area is in desperate need of affordable housing,” an interoffice memorandum to the URFA’s loan and investment committee reads.
With the new project, plans call for 28 units at 50 percent of area median income or below and 20 units at 60 percent of AMI or below, an Invest Atlanta fact sheet for the project shows. Expected rents at 50 percent of AMI range from about $630 for the project’s one bedrooms to $757 for its twos, and at 60 percent of AMI from $753 for ones to $912 for twos. Market-rate rents for those units are expected to be $900 for ones and $1,050 for twos.
Prestwick Companies is joined in the project by Atlanta Neighborhood Development Partnership, which plans show is the owner behind the development and also a co-developer.
On Thursday, both the URFA Housing Committee and the Tax Allocation District Project and Policy Review Committee will review a potential $1.47 million BeltLine TAD Increment Fund grant, their agendas show. The project has a budgeted cost of about $15 million, according to the project fact sheet.
Designed by Dwell Design Studio, the project would feature a residential building with a brick or stone exterior along with a community center. It would also hold 2,000 square feet of ground-floor commercial space envisioned as a possible restaurant or community grocery store, as well as amenities like a clubhouse, fitness center, wellness room, picnic area, and other green space.
The expected construction timeline for the project is 12 months, with an expected completion next year.
Prestwick Companies has developed about 30 multifamily communities since being founded in 2008. The second phase to Gateway Capitol View will be its third in the Oakland City and Capitol View areas. It also has plans for a 55-unit mixed-income senior housing project in West End.
Atlanta Neighborhood Development Partnership was formed in 1991 with the aim of promoting, creating, and preserving mixed-income housing in the metro Atlanta area through direct development, lending, and other means.