Centennial Yards Mega-Project Takes Off in Atlanta, But Where’s the Affordable Housing?
ATLANTA – Exciting things are on the horizon for downtown Atlanta! The much-anticipated Centennial Yards development, with a jaw-dropping budget of $5 billion, promises to bring a flurry of hotels, entertainment options, and apartments to what’s often referred to as the ‘gulch’ area. This 50-acre plot stretches between the bustling Five Points MARTA station and the iconic Mercedes-Benz Stadium, making it a prime real estate site.
A Mixed Bag of Development
While the project is set to transform the area, there’s a hiccup that has many citizens scratching their heads. One major aspect missing from the initial plans is the availability of below-market units in a new 304-unit tower named The Mitchell. The developers, CIM Group, recently made the controversial choice to pay a hefty multi-million dollar fee instead of designating any of these units for lower-income families in Atlanta.
City Council member Jason Dozier, who represents District 4, expressed deep disappointment regarding this significant decision. “I absolutely want to see affordable housing units in that development,” he said. Despite his hopes, it appears that affordable housing is not in the cards for residents of The Mitchell.
What’s the Deal with Affordable Housing?
CIM Group does plan to set aside 20% of all residential units in Centennial Yards for affordable housing. However, the kicker is that none of those units will be available within The Mitchell itself. Instead, the developers opted to pay an in-lieu fee of $8.5 million to aid affordable housing initiatives on the Westside. Dozier remains optimistic that this fund will provide opportunities for families, even if it doesn’t directly benefit those living in the mega-project.
In a statement, CIM acknowledged the shift in their plans, citing “a significant slowdown in real estate investment and development” as a reason for their decision. Interestingly, they pointed out that another of their properties, The Lofts at Centennial Yards South, has 25 affordable housing units available as of Spring 2022. But for the residents eagerly awaiting new homes in The Mitchell, that news isn’t quite as uplifting.
A Call for Accountability
Matt Garbett, a co-founder of the advocacy group ThreadATL, was also critical of this outcome. “The city missed an opportunity,” he lamented, arguing that the developers should have been held to a stricter standard when it came to providing affordable housing. Many in the community are rallying for city leaders to push more aggressively for commitments on affordable housing in future developments.
While Centennial Yards is undoubtedly a monumental step forward for Atlanta and will bring many benefits, the absence of affordable housing raises critical questions about accessibility and inclusivity in such large-scale redevelopments.
What’s Next?
As construction gets underway, city leaders and residents alike will surely keep a close eye on the development. It’s essential for the community to remain engaged and vocal about their needs, especially when it comes to vital issues like affordable housing. Dozier insists on holding developers accountable, stating, “I want to make sure city leaders hold developers more accountable to build affordable housing in the future.”
So, Atlanta, as we look forward to a revitalized downtown with new opportunities, let’s not forget the importance of making room for everyone. The future of our city is bright, but it’s essential to ensure it’s inclusive for all its residents.
