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 and “a host of community-focused investments,” according to a spokesman.
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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.
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840 Woodrow will have 20% of its units designated as affordable with 5% reserved for tenant-based vouchers, according to officials.
A spokesman said the project is intended to also expand the city’s workforce housing options while “reflecting its thriving creative landscape.”
“This project represents the best of what we strive for in creating workforce opportunities, needed affordable housing options and landmark community revitalization,” Develop Fulton Chairman Kwanza Hall said in a statement. “840 Woodrow will serve as a cornerstone of equitable development in South Atlanta, catalyzing growth and supporting families, small businesses, and local artists alike.”
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.”
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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