UrbanizeAtlNewsBot

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Mixed-use project aims to boost Atlanta’s Metropolitan Parkway Josh Green Tue, 04/16/2024 - 08:23 A mixed-use project with an affordable housing component is in the offing that aims to boost a southside corridor that’s grappled with disinvestment and blight.

The 176-unit project, called Metropolitan Place, is set to take shape midway between downtown Atlanta and the airport at 2333 Metropolitan Parkway. That’s just south of Langford Parkway and west of the downtown Connector in the Perkerson neighborhood.

According to Invest Atlanta, the city’s economic development arm, Metropolitan Place aims to continue investments in the north-south corridor that include a new Atlanta Police Department Zone 3 precinct next door and Goodwill’s Metropolitan Parkway Career Center a few blocks north.

Other housing developments in the area have contributed to an ongoing revitalization, per Invest Atlanta officials.

The expected look of Metropolitan Parkway (top) and Avery Road frontages. The Paces Foundation, Inc., Soho Housing Partners; via Invest Atlanta

The site’s location just south of Langford Parkway and west of the Interstate 75/85 Connector. Google Maps

Developers are listed in a project summary as Soho Housing Partners and Smyrna-based The Paces Foundation, the latter a local nonprofit organization striving to develop more than 3,000 affordable housing units.

Records indicate the 6-acre property in question sold in February last year for $2.75 million.

According to Invest Atlanta, the majority of units, or 144 total, will be reserved at rates for people earning 60 percent of the area median income or less.

That means 750-square-foot, one-bedroom apartments are expected to rent for $972 monthly.

Seventy two-bedroom units, the most prevalent option in the project, will rent for $1,164 for 850 square feet. And three-bedroom apartments (35 total) with 1,200 square feet will cost $1,331 monthly.

Elsewhere, 32 apartments are expected to rent for market rate, ranging from $1,653 to $2,052 per month.

At the ground level, roughly 1,000 square feet of commercial retail space will also be built, according to plans.

Amenities are listed as an onsite fitness center, clubhouse, picnic area, and security cameras.

The vacant plot in January 2023, with the new APD precinct shown at left. Google Maps

About half of the project’s $77.1 million cost would be paid for with a tax-exempt loan from Atlanta’s Urban Residential Finance Authority, alongside federal and state tax credit equities aimed at helping spur development. Invest Atlanta is expected to provide $2.9 million via Housing Opportunity Bonds.

Construction is scheduled to start this year. Invest Atlanta says the project will take 18 months to build, delivering sometime in 2025.

The 2333 Metropolitan Parkway site in relation to downtown and the airport. Google Maps

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