Prestwick, ANDP to Develop 58-Unit Affordable Housing Community in Atlanta
ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents.
Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank.
1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve as a restaurant or community grocery. Amenities will include a community room with a kitchen, fitness center, business center with computer stations, community garden, arts and crafts room, laundry room, a gazebo with picnic area and green space. The development team includes general contractor J.M. Wilkerson Construction and architectural firm Dwell Design Studio.
Construction is scheduled to begin in a few weeks and is expected to be completed in approximately 18 months. Prestwick and ANDP have committed to keeping 1055 Arden affordable for 65 years through a land lease model. As owner of the underlying land, ANDP has further committed to permanent affordability in any future redevelopment of the site.