Prestwick Development Company is readying for vertical construction at 1265 Lakewood Ave. on its 160-unit senior affordable housing project in Southeast Atlanta, according to permit applications filed with the city on Thursday.
The construction timeline for the Chosewood Park project is expected to be 14 months.
The Chosewood Park project will feature a mix of one- and two-bedroom units restricted for incomes ranging from 50 percent of area median income (or below) up to 80 percent of AMI. The residential project will also include a variety of amenities, including a fitness center, business center, wellness center, and community garden, according to plans on file with the city.
Permit filings last week are for a four-story Building A with 83 units and a four-story Building B with 77 units and a mix of amenities, listing a total cost of construction of $21.5 million for the work.
Named Lakewood Apartments in planning documents, the project was approved by Invest Atlanta in December for $16.5 million in bond financing, What Now Atlanta reported at the time. It was budgeted for a total cost of about $31.7 million at the time of the bond resolution late last year, with financing also coming from sources like federal and state tax credit equity and a BeltLine TAD Increment Fund grant, an Invest Atlanta fact sheet for the project shows.
The project’s unit mix will feature 26 units at 50 percent of AMI or below, 121 units at 60 percent of AMI or below, and 13 units at 80 percent of AMI or below. The project’s 83 ones at 60 percent of AMI are expected to have rents of about $857, according to the project fact sheet.
The architect for Lakewood Apartments is Atlanta-based firm Geheber Lewis Associates.
