A housing venture along the BeltLine’s most popular section that’s been called a pushback against the ills of gentrification has cleared a crucial hurdle.

Atlanta Housing, one of the nation’s largest housing authorities, announced this week it has closed on $43.6 million in financing to build a 116-unit development called Madison at Reynoldstown where the BeltLine’s Eastside Trail meets Memorial Drive.

The Praxis3-designed apartment complex, which has been in the works for several years, would claim 1.2 acres at the northeast corner of Memorial Drive and Chester Avenue in Reynoldstown, next to existing industrial-conversion lofts. The architecture firm has described the project as a statement by the city “regarding… ongoing gentrification and increasing lack of affordable and workplace housing.”

A site plan illustrating how Madison at Reynoldstown will fit with existing condos, the Lofts at Reynoldstown Crossing, along the Eastside Trail. Praxis3 for Rea Ventures Group

All 116 homes at Madison Reynoldstown will be reserved as affordable housing for families earning 80 percent of the area median income, according to Atlanta Housing.

CORRECTION, December 13: BeltLine officials say the building will have one parking space per unit, and they clarify the expected affordability standards as follows: "The apartment building will have 116 affordable units, with affordability levels ranging from 30 percent to 80 percent of Area Median Income (AMI). The units will remain affordable for 30 years. Specifically, 29 units will be at or below 30 percent AMI, 63 units will be at or below 60 percent AMI, and 24 units will be at or below 80 percent AMI."

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

The two planned mid-rise buildings will stand over 162 structured parking spaces, officials said.

Madison Reynoldstown will also see about 2,700 square feet of commercial or retail space, including a section fronting the Eastside Trail and another on Memorial Drive.

How a shorter section of the project will front Chester Avenue, at left, and Memorial Drive. Praxis3

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. Rea Ventures Group has signed on as developer.  

We’ve reached out to Atlanta Housing officials to learn when the Madison Reynoldstown project might break ground, and we’ll update this story with any additional info that comes.  

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

Along that section of the Eastside Trail in Reynoldstown, the affordable housing venture would join hundreds of residences in various states of construction now.

Those include Toll Brother’s mix of 85 townhomes and condos that’s replacing an AT&T work center and parking lot, and Empire Communities’ Stein Steel project, which is bringing nearly 300 homes and a trail-fronting restaurant and bar concept.

• Near Reynoldstown's BeltLine section, 85 condos, townhomes coming (Urbanize Atlanta)