The Invest Atlanta Board has approved $3.51 million across three TAD grant funds to help finance projects that increase affordable housing and revitalize a commercial building along a key Atlanta corridor.
A $250,000 grant from the Eastside TAD Pre-Development Loan (Evergreen) was approved to begin Phase 1 of development for 360 Peachtree. Located on Atlanta First United Methodist Church’s surface parking lots, the 16-story building will be constructed over a shared, four-story podium building and feature the new Atlanta First Day School (AFDS) and Ansley School building, a parking garage, approximately 5,000 square feet of retail space, as well as 170 units of housing. Housing affordability will include 42 units at 30% AMI, 85 units at 50% AMI, 19 units at 60% AMI and 24 units at market rate.
Up to $2.6 million in Pay-As-You-Go financing from the Campbellton Road TAD, along with $25 million in tax exempt bonds, will pave the way for the new construction of Brentwood Commons. The modern, 113-unit, three-story housing development will bring workforce and affordable housing to the Campbellton Road neighborhood. Affordability will include 36 units at 50% AMI, 54 units at 60% AMI and 18 units at 80% AMI. Five units will be sold at market rate.
A Westside TAD Resurgens Fund totaling $660,000 will aid in the renovation of a commercial building in the Vine City neighborhood. The property, located at 201 Joseph E. Lowery, is owned by experienced entrepreneurs with roots in the neighborhood who are wanting to operate their businesses from a single location. The original house was constructed in 1930 and a large addition was completed in 1961. The property has been vacant for more than 15 years. The total leasable space is approximately 11,724 square feet, and the owners will lease 8,400 square feet for their financial services, accounting, martial arts and nonprofit businesses. Up to 16 spaces of various sizes will be created for small businesses with compatible services, and there will be roughly 1,600 square feet of meeting/event space available.