Nearly two years after its official groundbreaking, a rare Atlanta BeltLine-fronting project with exclusively rent-capped homes has rounded into shape in Reynoldstown.

Having replaced a surface parking lot adjacent to the BeltLine, the Madison at Reynoldstown project has topped out vertical construction on 116 rental units designed to meet affordability standards along two of Atlanta’s more rapidly developing transportation corridors: the BeltLine’s Eastside Trail and Memorial Drive.

The location will allow families quick access to groceries (Publix and KroBar), entertainment, greenspaces, restaurants, and job hubs such as nearby Madison Yards and Krog Street Market, as BeltLine leaders have stressed. 

The Madison at Reynoldstown's topped-out main structure along the Eastside Trail, as it appears this week. Josh Green/Urbanize Atlanta

Vehicle entries and the westernmost section of Madison at Reynoldstown along Chester Avenue. Josh Green/Urbanize Atlanta

The $43.6-million project is a joint effort by Atlanta Housing, the City of Atlanta, Invest Atlanta, and Atlanta BeltLine Inc.

In the works for several years, it broke ground in March 2022 and consumed the block’s full southern end, save the longstanding Lofts at Reynoldstown Crossing building, a former warehouse. Today, the complex spans 1.2 acres at the northeast corner of Memorial Drive and Chester Avenue in Reynoldstown, one of intown’s hotter real estate markets for more than a decade.

As developed by Rea Ventures Group, all Madison at Reynoldstown homes will be reserved as affordable housing for families earning 80 percent of the area median income or less—an agreement locked into the property for 30 years, officials have told Urbanize Atlanta.

Exact rents haven’t been specified, but the breakdown of units has: 71 one-bedrooms, 36 two-bedrooms, and nine apartments with three bedrooms and two bathrooms.

An Atlanta Housing program called HomeFlex will also provide subsidies for residents of 46 units; those will be dedicated to working families earning up to 30 percent of median incomes for the area, according to project leaders.

We’ve reached out to BeltLine officials today for information on construction timelines and applying for Madison at Reynoldstown apartments, and this story will be updated with any additional information that comes. [UPDATE: 6:28 p.m., Jan. 3: BeltLine officials send the following: "They are 67 percent complete as of the December draw and [are] anticipating a June placed-in-service date."]

Initial plans called for finishing the project in fall 2023, with the rent application process beginning close to the building’s debut. Reasons for the delay aren’t yet clear.  

Elsewhere around the project, plans call for one parking space per unit and roughly 2,700 square feet of commercial or retail space, including a section fronting the Eastside Trail and another on Memorial Drive.

The new building's relationship to an existing residential structure, the Lofts at Reynoldstown Crossing, next door. Josh Green/Urbanize Atlanta

Where Madison at Reynoldstown's planned frontage on the Eastside Trail has replaced a parking lot. Praxis3

The project’s architect, Praxis3, has described it as a statement by the city that addresses the ills of gentrification and scarcity of affordable and workplace housing.

Public and private funding sources included a $21.5-million, tax-exempt bond from Invest Atlanta, a $2-million grant from the BeltLine Affordable Housing Trust Fund, and a $4.4-million National Housing Trust Fund award from the Georgia Department of Community Affairs, among others. Atlanta Housing is investing $8.9 million in addition to its HomeFlex subsidies.

In the gallery above, find a closer look at where the project stands today—and how it’s expected to look and function when finished.

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• Reynoldstown news, discussion (Urbanize Atlanta)