Atlanta Set to Build Affordable Housing for Teachers and Seniors

Atlanta Set to Build Affordable Housing for Teachers and Seniors

ATLANTA — A long-awaited project aimed at providing affordable housing for local teachers and seniors in Atlanta is making strides towards becoming a reality. A plan, which originated in 2021 under then-Mayor Keisha Lance Bottoms, has received significant backing and funding approval. Last Tuesday, the Development Authority of Fulton County voted in favor of up to $370 million in tax-exempt bonds to facilitate the construction of a “Teachers’ Village” near Centennial Olympic Park.

The massive funding effort will be complemented by additional grants and bonds from Invest Atlanta, paving the way for the development of a housing tower dedicated to Atlanta’s teachers and low-income seniors. Built by the RBH Group, the developer already has experience in constructing Teachers’ Villages, having completed a similar project in Newark, New Jersey.

Location and Structure

The proposed site for the project is at 98 Cone St. NW, at the heart of Atlanta’s downtown Fairlie-Poplar neighborhood. This puts it in an active mixed-use area rich with residential and office buildings. The plans call for construction to begin in 2025, with the building expected to open its doors to tenants by 2027.

The development will cover a vast area of over 450,000 square feet, out of which nearly 23,000 square feet will be allocated for retail space. Of the 424 apartments set to be built, 197 will be designated as workforce apartments specifically for teachers. Another 227 will cater to seniors, offering them an independent living discount below the standard market rate.

Additional Features

Apart from housing, the property will also boast 371 parking garage spaces, making it convenient for residents. Additionally, its close proximity to the Five Points MARTA station aims to provide easy access to public transportation for both tenants and visitors.

Background and Financials

In 2021, during the administration of Keisha Lance Bottoms, the project received substantial initial support by way of a $4 million Tax Allocation District grant and a $26.36 million tax-exempt financing bond. These early financial commitments helped lay the groundwork for the current progress.

Officials believe that this new Teachers’ Village could provide substantial benefits to the community by offering affordable housing solutions in a vibrant downtown area. Such initiatives are crucial at a time when many educators and seniors face significant financial hurdles in securing quality housing.

Next Steps

With funding now in place and plans taking shape, local authorities and the RBH Group are gearing up to kick off the construction phase in the next two years. As the project moves forward, it continues to symbolize a significant investment in the community’s future, promising greater support for those who play vital roles in Atlanta’s society.