A $43.6 million housing development is set to rise in southeast Atlanta’s Reynoldstown neighborhood.
Madison Reynoldstown is located at 872 Memorial Drive on the southern end of the Atlanta Beltline Eastside Trail, at the intersection of Chester Avenue SE. Construction is set to begin within two weeks on the 116-unit complex, according to the Atlanta Housing Authority.
The city’s housing agency said the rentals will be affordable at or under 80% of the area median income, which is $86,200, according to Atlanta’s planning department. Atlanta Housing’s HomeFlex program will provide subsidies to 46 units aside for working families earning up to 30% of the area median income.
“With this Madison Reynoldstown project, the city of Atlanta is saying that we are still in the business of providing equitable housing options for our residents,” said Mayor Andre Dickens during a groundbreaking ceremony for the project.
The development will offer residents one-, two- and three-bedroom units for rent, said officials at Atlanta Housing. Families will have amenities and adjacent access to entertainment facilities, retail shops, restaurants, a grocery store, green spaces, and job opportunities in walking distance of the Madison Yards development.
In addition to the HomeFlex subsidies, Atlanta Housing announced it is also investing $8.87 million for construction. Additional funding will be provided by Atlanta Beltline, Bank of America, the Georgia Department of Community Affairs and a bond commitment of $21.5 million from Invest Atlanta with support from the city of Atlanta.
Credit: HYOSUB SHIN / AJC
Credit: HYOSUB SHIN / AJC
Madison Reynoldstown is being built in a partnership among Atlanta Housing, Atlanta Beltline, and the developer Rea Ventures Group. The construction is expected to be completed in the next two years.
Atlanta City Councilmember Liliana Bakhtiari said the development will create a larger mixed income community. Invest Atlanta CEO Eloisa Klementich said this project will move the needle forward on living affordability in the city.
The Beltline wants to build 5,600 affordable units, and nearly 3,000 have been created or are in the pipeline. Last month, the Beltline announced plans to build an apartment in the Peoplestown neighborhood that will feature 250 units all priced at affordable rates for low-income residents.
Beltline President and CEO Clyde Higgs said building affordable housing is a multi pronged project that requires everyone’s knowledge and support. Atlanta Housing President Eugene Jones said city leaders will do everything in their power to fulfill the mayor’s goal of building or preserving 20,000 affordable homes within eight years.
Breck Kean, vice president of development for Rea, said it took five years for the Madison Reynoldstown project to come to fruition. He urged businesses and public officials to keep pushing to build more homes.
“We’ve got to find the resources and the solutions to make affordable housing on the ground quicker,” Kean said.
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