Two Atlanta-based Developers Partner to Preserve Affordable Housing
In an unprecedented venture, two Atlanta-based housing developers are uniting to rejuvenate the Square at Peoplestown in the Summerhill neighborhood. This grand collaboration set to present an impressive stride towards affordable housing preservation represents the joint effort of Atlantica Properties and Domos. In association with the Reinvestment Fund, these two Black, Indigenous, and People of Color (BIPOC)-owned development firms are leading this multi-million dollar project.
Acquisition of the Square at Peoplestown
Summerhill, nestled south of Downtown Atlanta, is encircled by some of the vivacious and coveted neighborhoods in the Atlanta Metro, such as Grant Park, Cabbagetown, Inman Park, and Old Fourth Ward. The Square is a treasured community asset, housing 94 units within its six two-story residential buildings, in addition to a standalone leasing office building and encompassing parking.
Prevalently a Black neighborhood, Summerhill has experienced a prominent population transformation over the previous decade according to data collected by PolicyMap, an associate of Reinvestment Fund. These shifts suggest an increasing pressure of gentrification. The property was previously owned by The Integral Group, an acclaimed leader in affordable real estate development, and The Peoplestown Revitalization Corporation, a non-profit-based, resident-led housing and economic development organization.
These groups handpicked their successors, Darion Dunn, Co-founder of Atlantica Properties, and Daniel Alexander, Principal and Co-founder of Domos, due to their steadfast commitment to affordable housing and commendable track records in repositioning Low-Income Housing Tax Credit properties.
Diverse Developers United for a Common Cause
Coincidentally, Dunn and Alexander both are esteemed members of the Growing Diverse Housing Developers (GDHD) Initiative. GDHD, funded by the Wells Fargo Foundation, is a four-year initiative led by Community Development Financial Institutions dedicated to creating affordable housing solutions and promoting diversity in a predominantly white-male dominated industry.
The Reinvestment Fund endeavors to support the approved members of the GDHD cohort through flexible and creative financing solutions, intended to aid their growth and foster equitable communities. Through the second year of the initiative, the Reinvestment Fund continues to gain acute insights on how to best support developers in pursuit of common goals— affordable housing equity and diversity improvement within the housing industry.
Keeping the Promise of Affordable Housing
The Atlantica/Domos partnership came into existence through a GDHD gathering in Atlanta, representing the first instance where two cohort members are working as partners on a development project.
A significant aspect of the project is the partners’ pledge to maintain affordable rates for all units, thereby assuring the accomplishment and preservation of affordable equity. The developers are prepared to fulfill Mayor Andre Dickens’ commitment to delivering 20,000 units of affordable housing, backed by the city’s support for the project.
Developers such as Dunn and Alexander, with their history of successful endeavours, are well-positioned to make a significant impact in Atlanta. Their collective vision, unparalleled expertise, and resources can lead to innovative real estate solutions that can benefit all stakeholders while simultaneously extending their respective businesses.
“It’s a privilege to continue Integral’s legacy at The Square at Peoplestown, ensuring high-quality, affordable housing for years to come…In partnership with Domos, we’re excited to enhance this vital community asset. We extend our thanks to our lending partners, Reinvestment Fund and Community Foundation for Greater Atlanta, for their unwavering support and belief in our mission,” states Darion Dunn.
