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AAI Partners LLC, a Georgia-based company, submitted plans requiring a zoning change to the City of Atlanta. The requested rezoning would allow for more density than what is currently allowed on the property paving the way for the construction of a 44-unit multifamily residential building on the .44-acre parcel located on the south side of North Avenue near the intersection of North Avenue and North Boulevard.
Neighborhood Planning Unit-M will be reviewing the request to rezone 495 North Avenue NE property from R-5 Beltline (Two-Family Residential) to MRC-3/Beltline (Mixed Residential and Commercial) during their November 22nd Meeting. Also for consideration is a request to amend the Comprehensive Development Plan designation from Mixed-Use Medium Density to Mixed Use High Density. According to the NPU’s agenda, the Zoning Review Board will review the land use request on December 2 or 9, 2021.
According to the application, the property is located between a gas station and the Norvel O4W Apartment development and contains an existing single-family structure that would be removed and replaced with a six-story, 46,124 square foot residential complex.
The submitted impact analysis detailed the rationale for the approval. According to the Old Fourth Ward Master Plan, the property should be redeveloped with a mixed development between five and nine stories and there is a limited amount of redevelopment properties appropriately zoned for this kind of development. Further, the zoning amendment would make the property more compatible with the current high density and mixed-use development in the area, including the six-story Novel O4W Apartments and proposed Wingate Development.
The building will contain thirteen studio units, twenty-five 1-bedroom units, and six 2-bedroom units. The application notes that the decision to make the units rental or owner-occupied has not been determined. If the units are sold, they would be offered at $357,000 to $715,100. Rates are estimated between $1,208 and $3,813 per month if there is a determination to create rental housing, with seven of the forty-four units deemed affordable.
If approved, the project would be complete by the Spring of 2024.