Development is expected to create up to 118 affordable housing rental apartments providing up to 3 bedroom living options for families
ATLANTA – Atlanta BeltLine, Inc. (ABI) has selected Rea Ventures Group, LLC as the developer for second phase of lofts at Reynoldstown Crossing. The decision was announced after a special call meeting of the Atlanta BeltLine, Inc. Board of Directors’ on August 15, 2017.
The Lofts at Reynoldstown Crossing, at 890 Memorial Drive, is an existing BeltLine affordable housing project located in the revitalizing Reynoldstown neighborhood near the intersection of Memorial Drive and the Atlanta BeltLine’s Eastside Trail. This development is expected to create up to 118 affordable housing rental apartments targeted to families seeking 1, 2, and 3 bedroom living options close to where they work. The development will also include 2,000 square feet of storefront retail space along Memorial Drive.
ABI developed the first affordable housing units at the Lofts at Reynoldstown Crossing in 2012. In Phase I, 28 units were sold as affordable homes, with units targeting teachers, police, and firefighters and three units made permanently affordable as a pilot partnership with the Atlanta Community Land Trust. The Lofts at Reynoldstown Crossing are part of the Atlanta BeltLine’s commitment to creating more than 5,600 units of affordable housing within the Tax Allocation District by 2030. The Atlanta BeltLine TAD has committed more than $13 million to date for affordable housing initiatives. In December 2016, ABI was able to sell bonds to commit an additional $15 million of Tax Allocation District funds to accelerate building of affordable housing over the next three years.