Atlanta Mayor Keisha Lance Bottoms joined other City officials to break ground on the highly-anticipated Adair Court development early July.
The new 91-unit mixed-income senior rental community is located on Murphy Avenue, between the MARTA West End station, Adair Park, and the Atlanta BeltLine Westside Trail. Woda Cooper Companies, Inc. and Parallel Housing, Inc., the developers on the project, hosted the event.
“This is some of the most desired real estate in all of Atlanta,” said Mayor Keisha Lance Bottoms. “I’ve said it before and I’ll say it again—our seniors often stuck with Atlanta when Atlanta didn’t stick with them. It is wonderful, as we are having this rebirth in the city, that there will be a place where all our residents can afford to live and call home. I am just so glad that it is helping fulfill our commitment to our city and our residents that Atlanta will be an affordable place for all.”
Also on the program were Councilmember Joyce Shepard who represents Atlanta’s 12th District; Dr. Eloisa Klementich, President and CEO, Invest Atlanta; Mr. Brian P. McGowan, President and CEO of ABI; Commissioner Christopher Nunn, Georgia Department of Community Affairs; and Mr. Denis Blackburne, Senior Vice President, Woda Cooper Companies, Inc.
The Atlanta BeltLine managed negotiations on the deal, Georgia Department of Community Affairs allocated housing tax credits for the project, and Bank of America was the equity investor and also provided a construction loan. Summit Community Bank provided an additional permanent loan.
Another key component in Adair Court’s financing was a loan of $500,000 from Invest Atlanta as part of the Beltline Affordable Housing Trust Fund (BAHTF).
“Together, we can fulfill our collective vision of making the Atlanta BeltLine a model for equitable, inclusive, and sustainable development,” said Dr. Klementich. “It’s moments like this that make it all rewarding.”
The development will consist of two buildings with one- and two-bedroom units for seniors aged 55 years and above. Nineteen of the units will be reserved for residents earning up to 50% of the area median income (AMI) and 58 for residents earning up to 60% AMI. Fourteen units will be offered at market rate with no income restrictions.
Along with open concept living spaces, including seven designed for those with disabilities, Adair Court will have a multipurpose community room, fitness center, computer room, laundry facilities, community garden and a covered gazebo surrounded by a native species landscape. The property will boast incredible views of the downtown Atlanta skyline. Cutting-edge energy efficiency is another key feature.
Ms. Beulah Colbert, an Adair Park resident for the past 50 years, praised the project.
“I love Adair Park and I’m glad that they’re putting in a senior development here,” she said. “I thank everyone for all that you’re doing for our neighborhood. We’re right Downtown, as you can see, and that’s just a beautiful thing for us. And I love you all and thank you so much for everything you’re doing for us seniors.”
Adair Court is one of many developments we’re supporting through Invest Atlanta’s comprehensive approach to creating and retaining affordable housing in the City.
In the last two years alone, Invest Atlanta has committed $20.3 million, leveraging over $65 million in capital, to create and preserve 572 affordable workforce units on or near the BeltLine.
In 2017, the Invest Atlanta board approved numerous projects that led to the creation of nearly 5,000 affordable units.
Mayor Bottoms Leads Groundbreaking for Adair Court Senior Affordable Housing Development was originally published on atlantadailyworld.com