ATLANTA — The Develop Fulton Board of Directors unanimously approved a new mixed-use development for affordable housing and commercial space in southwest Atlanta.
The board approved a bond resolution for $76.76 million to go to developer Woodfield Acquisitions.
The project will be located on Woodrow Street SW and will be called 840 Woodrow.
The development is expected to bring 326 mixed-income residential units to Atlanta, as well as affordable commercial space.
Develop Fulton Chairman Kwanza Hall says the development will offer people from all different income levels the chance to be a part of the Beltline development.
“Anything happening on the Beltline is exciting. But when you have a project on the Beltline that is also generating 300 units of housing, of which 20% will be at 80% of the area median income,” explained Hall.
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With the bond resolution approved, the project is expected to “help propel vital investment in a rapidly evolving neighborhood and deliver a landmark commitment to affordability and inclusion.”
The project will also go beyond Atlanta’s inclusionary zoning requirements, which are intended to ensure affordable housing is available in new developments.
840 Woodrow will have 20% of its units designated as affordable, with 5% reserved for tenant-based vouchers, according to officials.
“It matters that people have the ability to live in great places,” said Hall.
Develop Fulton also said they expect the property to bring in $640,000 in first-year property tax contributions, “a significant increase from $15,896.12″ last year for the area.
Officials also said, “additional plans include outfitting repurposed shipping containers to serve as designated storefronts to support area startups and local entrepreneurs.”
The 840 project joins an influx of proposals in the area, including the development of a 25-acre lot off Sylvan Street, where private developer Mike Abeba is planning to build thousands of luxury housing units, hotels, and schools.
The explosion of growth in the area has leaders excited.
“You can walk to work, you can walk to retail, you can walk to recreation, and that makes a difference in the quality of life.”
Here are some of what officials called the highlights of the planned property:
- 66 affordable/workforce housing units with rent limits based on 80% of AMI
- Subsidized commercial space, including shipping container storefronts for startups and small businesses
- Adaptive reuse of an existing building into a headquarters and training facility for a local coffee roaster committed to local hiring
- $1.5 million brownfield remediation to ready the site for redevelopment
- Public art programming and significant sidewalk and streetscape upgrades
- More than 500 construction jobs and 40+ permanent jobs created
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