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Images: 2 projects aiming to boost Greenbriar Mall area have arrived Josh Green Mon, 06/17/2024 - 12:13 Following two years of construction, a pair of housing developments with relatively affordable ITP rents have begun leasing efforts in Southwest Atlanta, each aiming to attract both new residents and future business opportunities in Greenbriar Mall’s once-thriving retail district.

Affordable housing developer Dominium has scheduled a ribbon-cutting July 9 for the two residential projects completed on formerly underused sites adjacent to Greenbriar Mall. Georgia state officials and Atlanta Mayor Andre Dickens are scheduled to speak at the event next month, according to Dominium reps.

Collectively, the $135-million projects have brought nearly 500 units of more attainable housing to sites previously heavy with parking lots along Greenbriar Parkway, adjacent to the 1960s mall that’s struggled—like many—in recent years after losing anchor tenants. The sites are located in the Greenbriar community, next to Interstate 285 and just west of East Point.

The Paramount is a multifamily complex with 240 apartments and a range of amenities, while Briar Park Senior Living has brought 244 units for independent-living tenants ages 55 and older. Both are described by project reps this week as being high-quality.

Amenity spaces at The Paramount. Dominium/The Paramount

Where the two residential complexes have been completed southwest of downtown, adjacent to the 1960s mall property. Google Maps

Household income and student status limitations do apply at both new complexes; a single occupant, for instance, can’t earn more than $45,180 annually. Both projects have qualified for the federal Low Income Housing Tax Credit Program.

When announcing the Paramount and Briar Park ventures in 2020, Invest Atlanta officials said one to three-bedroom rents for both projects would be capped at between 50 and 80 percent of the area’s median income.

What’s that look like today, now that leasing has begun?

At The Paramount, units with a single bedroom and bathroom in 686 square feet start at $1,113.

Larger options—three bedrooms and two bathrooms in 1,228 square feet—start at $1,511 per month.

Those rents buy access to Paramount amenities that include two outdoor playgrounds, a yoga studio, a dog park, swimming pool with lounging area, and a fitness center, among other perks.

Depiction of The Paramount project’s swimming pool and outdoor lounging area in Greenbriar. Dominium/The Paramount

Meanwhile, at Briar Park, rents are similar ($1,115 monthly) for one-bedroom, one-bathroom rentals in 686 square feet. But smaller three-bedroom, two-bathroom options (in 1,008 square feet) also start at just over $1,500 monthly.

Renting restrictions at Briar Park stipulate that one household member must be at least 55 years old—and that all other tenants are at least 40 years old. (Sorry, Hefner-esque ATL players).

Apartments.com pegs the average monthly rent in Atlanta at $1,569 right now, a 4.3 percent dip since last June.

Developed in conjunction with the Beverly J. Searles Foundation, the projects marked the first for Dominium within the City of Atlanta, and the second in Georgia overall. They were also Dominium’s first collaboration with Atlanta-based builder H.J. Russell and Co.

Dominium/The Paramount

Invest Atlanta officials have said the injection of new housing and population boost will serve as a catalyst in attracting future development, retail, and other services to the mall corridors and broader Greenbriar neighborhood.

Greenbriar’s mall, as designed by legendary Atlanta architect and developer John Portman’s firm, debuted in 1965 as a pioneering enclosed shopping center with air-conditioning and a food court, both rare features at the time. (Two years later, the mall would welcome the world’s first Chick-Fil-A.) But today, Greenbriar Mall is a shell of its former self, having lost cornerstone big-box tenants such as Burlington Coat Factory and Macy’s in recent years.

For more images and context, head up to the gallery above.

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