Invest Atlanta is seeking to dispose of City-owned property to the development team of VG Trinity Group and negotiate the terms associated with the ground lease and master development agreement related to the redevelopment of 104 Trinity Avenue SW. The “Trinity Central Flats” redevelopment attempts to increase affordable housing by constructing 218 multifamily housing units in a mixed-use development.
On December 13, 2021, the Invest Atlanta Finance Committee recommended approval of the 99-year ground lease with an affordability requirement for the duration of the lease, or at least 30 years, according to documents provided by Invest Atlanta.
As stated in official documents, in May 2021, City Council passed legislation authorizing Invest Atlanta to handle the disposition and redevelopment of the subject property to advance the affordable housing goals of the One Atlanta: Housing Affordability Action Plan. Accordingly, Invest Atlanta solicited redevelopment proposals for the subject property to achieve these goals.
The selected development team proposes the redevelopment of the site with the construction of a new 8-story mixed-use building, including 218 residential units, 186 of which will be affordable. Four different unit arrangements will maximize affordability, increase density, and capture a wide range of income levels and household types. In addition, the ground floor retail area of 7,500 square feet will provide lifestyle amenities and essential services, create local business opportunities, and provide affordable rents. The project also includes a rooftop urban garden and likely the most extensive solar array atop a multifamily development in Georgia, reducing communal area energy usage by 30% and decreasing utility costs for residents.
Invest Atlanta identifies the benefit of this project includes:
1. Activates highly visible vacant & obsolete lot while creating activity-generating uses.
2. Creates new affordable and workforce residential housing in a dense, mixed-use development appropriate to the South Downtown location.
3. Adds new retail amenities such as goods and services, dining options, and cultural amenities while contributing to the city’s long-term vision of establishing downtown as an entertainment and shopping destination.
4. Provides economic mobility and employment opportunities by prioritizing affordable commercial space for local entrepreneurs.
The estimated timeline for the project includes the completion of the master development agreement by May 2022, project financing by December 2022, and occupancy of the units by September 2026.
