A project that would bring mostly affordable housing units to a south Atlanta site within whistling distance of a MARTA station recently received a financial boost.
The BeltLine Affordable Housing Trust Fund has approved a $2-million grant that Invest Atlanta officials say will pave the way for construction of a 58-unit apartment venture at 1055 Arden Avenue in Capitol View.
All but 10 of the rentals will be reserved at various rates considered affordable, according to Invest Atlanta.
The property is positioned between Sylvan Middle School and MARTA’s Oakland City station, with an entry to the transit hub across the street, at the end of the block. A historic Nabisco factory that’s been the subject of redevelopment talks is also located on 32 acres across the street.
The project is a joint venture between Prestwick Development Company and Atlanta Neighborhood Development Partnership. Plans also call for 2,000 square feet of commercial space at street level, which Invest Atlanta says is meant to accommodate a community grocery store or restaurant.
As for the 48 apartments deemed affordable, 28 units will be reserved for renters earning 50 percent of the area’s median income and 20 units at 60 percent. Ten other apartments, meanwhile, will rent at market rate.
Amenities are expected to include job training and supportive services.
Invest Atlanta reported last year the project will also receive a $1.47 million grant from the BeltLine Tax Allocation District Increment Fund.
It will rise adjacent to a senior housing project, 162-unit Gateway Capitol View, that opened in 2018. That was also the work of Prestwick Companies, Invest Atlanta, and the BeltLine’s affordable housing initiative, alongside the Georgia Department of Community Affairs and Atlanta Housing.
According to LoopNet, a vacant warehouse built in 1986 occupies the 1.7-acre site on Arden Avenue now.
No timeline for construction has been specified.
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