Atlanta Beltline and Urban Realty Partners Ink Deal that Kicks Off Construction on Historic Warehouses in Oakland City near Murphy CrossingAtlanta Beltline and Urban Realty Partners Ink Deal that Kicks Off Construction on Historic Warehouses in Oakland City near Murphy Crossing

The Atlanta Beltline and Urban Realty Partners, the Atlanta-based infill developer, have closed on a public/private deal to develop Oakland Exchange, a mixed-use project on the former Cut Rate Box Co. sites in Southwest Atlanta. The project will preserve two historic warehouse buildings bringing affordable housing and commercial space to Southwest Atlanta adjacent to the Beltline. 

Construction on Oakland Exchange is now underway following a public-private partnership between the Beltline and Urban Realty Partners. Under the agreement, the Beltline acquired the site and existing buildings, and Urban Realty Partners will complete development through a long-term ground lease. The project is supported by a combination of public and private financing sources. 

Located at 1088 and 1100 Murphy Ave. SW in Atlanta’s Oakland City neighborhood, the 6-acre site is directly across Sylvan Road from Murphy Crossing, the Beltline’s 20-acre planned development. The 3- and 4-story historic brick structures, recognizable by huge painted signs that say Cut Rate Box Co. and Welcome to Atlanta, are landmarks in Southwest Atlanta, with high visibility from MARTA trains running between downtown Atlanta and Hartsfield-Jackson Atlanta International Airport. 

Phase I of Oakland Exchange includes the adaptive reuse of these two early 1900’s warehouse buildings into 126 loft apartments and 16,000 square feet of creative commercial space geared toward local small businesses. Phase I includes construction of 3,000 square feet of retail/restaurant spaces fronting the adjacent Oakland + Murphy Connector Trail which is currently in design. The 1.31-mile trail will begin at the existing Southwest Trail access point at Allene Avenue SW and split into two segments, connecting to the MARTA Oakland City station. 

Under the first phase of this public/private deal, 60% of the homes will be affordable to residents at 80% of Area Median Income (AMI) including:

• 30% of the homes will be permanently affordable units (5% at 60% of AMI, 25% at 80% AMI)

• An additional 35% at 80% of AMI for twenty years, and

• A portion of the commercial spaces will be offered at a 20% discount to market rental rates.

“As we continue making progress toward our affordable housing goal, already reaching 79 percent of that goal, projects like Oakland Exchange help preserve historic buildings while expanding affordability in neighborhoods adjacent to the Beltline,” said Clyde Higgs, President and CEO of Atlanta Beltline, Inc. “Urban Realty’s vision for the Cut Rate Box warehouses aligns with our long-term strategy to deliver affordable housing and commercial space and ensures as the 22-mile loop nears completion, residents and businesses continue to have access to affordability and opportunity along the Beltline.”

In recent years, the Beltline has acquired over 80 acres of land to expand housing and commercial affordability along the trail and to master plan land along the trail. Through this comprehensive affordability strategy, the Beltline is creating longer-term and deeper affordability for both commercial and residential spaces.

The overall Oakland Exchange project is planned to include two future phases of ground-up development at 1066 Murphy Ave and 1135 Sylvan Road. Both phases are likely to be multifamily, as the land is zoned for high-density residential development. 

Funding includes a construction loan by Ameris Bank, state and federal historic tax credit financing by Enhanced Capital, in addition to GoATL, a fund established by the City of Atlanta, and a mezzanine loan by Community Foundation for Greater Atlanta to incentivize affordable housing. Through the Beltline Tax Allocation District (TAD) Increment Fund, funding was provided in April 2025 made possible by Fulton County, Atlanta Public Schools, and City of Atlanta. 

“Urban Realty has been an active intown developer for years, and these historic warehouses are in an area that is seeing a wave of reinvestment after years of disinvestment - and keeping people in the community with affordable retail and housing is one of our biggest priorities,” said Mark Riley, Managing Partner of Urban Realty. “West End, Adair Park and Oakland City all have beautiful parks, walkable streets and new attractions like Lee + White that are part of recognizing the history of these neighborhoods and bringing needed amenities to them. With the Beltline trail connecting more than 45 neighborhoods and master planning nearby Murphy Crossing, Oakland Exchange will contribute to the ongoing energy we’re seeing intown.“ 

“These are some of the coolest buildings yet to be revitalized in the City of Atlanta. The oversized warehouse windows and heavy timber construction will truly differentiate the homes and commercial spaces from anything else in the market,” said Sean Donahue, Development Partner of Urban Realty. “Our future residents can also look forward to a unique indoor/outdoor rooftop amenity space with unobstructed views of Downtown. With immediate access to the Beltline and proximity to MARTA, the residents at Oakland Exchange will be just a few minutes walk or ride from jobs, groceries, schools, food and art along the Beltline.”

Kronberg Urbanists + Architects designed the project, Choate Construction Company is the general contractor, and LDG Consulting is the Construction Manager. Packard Capital was the land lender for Urban’s assemblage. 

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