Predevelopment activities were unveiled to construct the first phase of a mixed-use and mixed-income project proposed by Evergreen Redevelopment LLC and Atlanta First United Methodist Church. To complete the anticipated $2.7 million predevelopment improvements, a request for financial assistance has been requested from Invest Atlanta.
The $250,000 predevelopment loan for the project located at 360 Peachtree Street NE was reviewed by the TAD Project and Policy Review Committee on February 10, 2022. The requested TAD loan will assist in closing the financial gap for predevelopment services and a $2.25 million LISC loan and $250,000 in equity.
According to information obtained through Invest Atlanta, 360 Peachtree Phase 1 features 170 units of new affordable, workforce, and market-rate housing on Atlanta First UMC’s surface parking lots. The development will consist of a 16-story building built over a shared 4-story podium building, a parking garage, and approximately 5,000 square feet of retail space. The affordable rents will range from $485 to $1,081 monthly, and the market-rate units will have a monthly rental rate between $2,000 to $2,700.
In addition to the new construction, the church’s historic annex building will also be rehabilitated. This building houses the Midtown Assistance Center, which assists the working poor with rent, utilities, food, work shoes, tools, and public transportation. In addition, the annex building will be expanded to provide additional campus space for the Ansley School, a private educational institution targeting homeless children. The project development team includes Evergreen Redevelopment LLC as the developer and owner through a subsidiary to be formed in partnership with Atlanta First United Methodist Church.
Additional partners include Evergreen Construction (construction project manager), Belfour Beatty and H.J Russell & Company (general contractors), Moody Nolin (lead architect), and SHAPE and Goode Van (architectural support). Evergreen Real Estate Services will manage the fully completed development.
Invest Atlanta documents have listed the benefits of approving the TAD loan, including:
- Activates Atlanta First UMC church parking lots that are underutilized most of the week while providing new mixed-income residences with deep affordability levels.
- Rehabilitates existing facilities of the historic Atlanta First UMC, enabling the church to enhance services to the community provided in these facilities, including the Atlanta First Day School and the Midtown Assistance Center, providing necessary services to disadvantaged populations.
- Provides new space for a school that will serve homeless children.
- Adds new retail amenities in an area that lacks retail offerings.
The project is scheduled to start construction at the beginning of 2023.