As reported in June by What Now Atlanta, Windsor Stevens, the Atlanta-based company, was awarded a $2 million Westside TAD Ascension grant for the 703 Lindsay St. NW project, located on a vacant lot near the Donald Lee Hollowell and Joseph E. Lowery corridor known as The Proctor.
In the act of additional project support, Invest Atlanta Board of Directors approved the $45 million Lease Purchase Revenue Bond for the mixed-use, multifamily project planned in the English Avenue neighborhood during their October Board meeting. According to Invest Atlanta documents, the estimated financial public benefit of the approval is $13.7 million, while the economic benefit assists the developer in closing the increased construction costs of $5.2 million.
Additionally, The Proctor will now include one hundred market-rate rental units, 32 affordable rental units, six live/work (for-sale) units, and 10,000 square feet of retail space dedicated to Atlanta entrepreneurs. Of the affordable units, at least 14 of the total units available in the project for rent or lease as affordable workforce units for households having incomes not exceeding 50% of the applicable area median income (AMI), two units will be affordable for households having income not exceeding 60% of AMI, and 16 of the total units will be restricted to households having income not exceeding 80% of AMI,
Originally planned as a condominium development, The Proctor proposed 14 units reserved for households at 50 percent of area median income or below and 18 dedicated for households at 80 percent of AMI or below.
Lease Purchase Bond Financing Program requests are reviewed, approved, and managed by Invest Atlanta, the economic development authority of the City of Atlanta. Lease purchase bonds provide tax relief for a project bond-lease transaction. In this case, Invest Atlanta will issue lease-purchase bonds to support the costs associated with the construction of The Proctor and hold the title to the property for ten years. Priority for this type of incentive includes projects that are ‘shovel ready’ and have an immediate ability to move forward with construction.
According to City documents, construction on The Proctor is expected to occur next month, with initial occupancy of the units and retail space to start in November of 2023.