Barely four months old, Vine City’s new centerpiece park is already proving itself a magnet for investment in the western shadows of downtown Atlanta.

Across the street from Rodney Cook Sr. Park, a groundbreaking ceremony is scheduled Tuesday morning for a 62-unit townhome venture—fittingly called Parkview—that project leaders say will provide locals the chance to buy property and build wealth through equity.

Riddle Property Group, an Atlanta-based minority real estate developer, operator, and owner, is partnering on the Vine City project with The NCRC Housing Rehab Fund, known as GROWTH by NCRC.

Invest Atlanta approved a $2-million Westside Tax Allocation District grant to help finance the project earlier this year.

The site's park frontage. Courtesy of Riddle Property Group/GROWTH by NCRC

The Parkview development site, located on a block immediately east of the new 16-acre park, is currently occupied by a rental community called Villas at the Dome. Two of the existing buildings—18 townhome units total—will be renovated and incorporated into the new construction, Dana Novotny, Growth By NCRC’s marketing director, tells Urbanize Atlanta.

All 62 townhomes will range between 1,151 and 1,641 square feet. Nineteen townhomes will be reserved as affordable housing for families earning 80 percent of the area's median income, said Novotny.

Pricing is not yet available, Novotny said, as plans are still being finalized.

“Our goal is to weave the past and future together,” wrote Novotny in an email, “to create a dynamic mixed-income property that honors the historic roots while also shining a light on opportunities for the future.” 

A preliminary site plan provided by developers, illustrating where units will be retained and how the new products could look. Courtesy of Riddle Property Group/GROWTH by NCRC

GROWTH by NCRC specializes in providing homeownership for low and moderate-income people, focusing on communities of color. The initiative has invested roughly $125 million in about 800 homes nationwide the past five years, according to its leadership.  

Additional funding from Invest Atlanta is expected to help buyers that meet income qualifications with down payments and closing costs. Today, nearly 75 percent of housing is rental units in Vine City, which has grappled with crime, blight, poverty, and displacement for decades.                                    

Preliminary elevation designs along Thurmond Street. Courtesy of Riddle Property Group/GROWTH by NCRC

Invest Atlanta officials have described the Parkview project as “the ideal Transit-Oriented Development,” with Vine City MARTA station located .4 miles to the south, and the main entry to the Westside BeltLine Connector less than a block away.

The first closings at Parkview are scheduled for next summer, officials said.

• What a half-million bucks buys in Vine City right now (Urbanize Atlanta)