A new apartment building set for construction near the Beltline is slated to provide more affordable housing to residents in southwest Atlanta’s Capitol View neighborhood.
The building, located at 1055 Arden Ave., will feature 58 units of one to two bedroom apartments, Beltline officials announced Thursday. The organization used its Beltline Affordable Housing Trust Fund to help Invest Atlanta contribute $2 million toward the development, which marked its financial closing this month.
For the next 65 years, 28 of the units will be priced at or below 50% of the metropolitan area’s median income, which is $48,200 for a family of four, according to Beltline officials. The Atlanta Housing Authority and Partners for HOME is partnering with the apartment community to designate six of those units as permanent supportive housing for individuals experiencing homelessness.
Additionally, 20 other units will be available at or below 60% of the metropolitan area’s median income, which is $57,840 for a family of four, according to Invest Atlanta. The remaining 10 apartments will be available at market rate rents, the Beltline announced.
“We’re so excited about this new development that will provide needed housing and long-term affordability to people in this Beltline-adjacent community, just steps from the Oakland City MARTA Station in Capitol View,” Atlanta Beltline President & CEO Clyde Higgs said in a statement.
The building, named 1055 Arden, will have 2,000 square feet of ground floor commercial space that could serve as a restaurant or grocery. Amenities will include a community room with a kitchen, gym, business center with computer stations, garden, arts and crafts room, laundry room, a gazebo with picnic area and green space.
Construction is scheduled to begin in a few weeks and is expected to be completed in 18 months, officials said.
The Beltline wants to build 5,600 affordable units within the Beltline tax allocation district, and nearly 3,000 have been created or are in the pipeline. Higgs said in a statement that the Beltline is 56% of the way toward their 2030 goal of creating more affordable housing.
Atlanta Mayor Andre Dickens, meanwhile, wants to create or preserve 20,000 affordable units in eight years. According to the Dickens administration, he has already supported the development or opening of nearly 1,500 affordable homes since taking office in January. He’s also committing $65.7 million toward Atlanta’s housing agenda.
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