US government agency Atlanta Housing has broken ground on first phase of $166m redevelopment of Herndon Square.
Located at Cameron Madison Alexander Boulevard and Northside Drive, the project will sit on 12.3 acres of the former Herndon Homes public housing site.
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Hunt Companies and Oakwood Development Group were selected by Atlanta Housing Board of Commissioners in 2016 to redevelop the place into a mixed-income and mixed-use complex.
The project involves five phases of which the first phase includes construction of 97 affordable residences for senior citizens earning up to 60% of the area median income (AMI).
The first phase, which is estimated to cost $24m, is scheduled to be completed in spring 2021.
The financing for the project includes tax-exempt bonds issued by Invest Atlanta and a ground lease first and second priority mortgage from Atlanta Housing.
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By GlobalDataAtlanta Housing said that the entire development will feature a range of building types and bedroom sizes for single professionals, families and seniors.
The fifth phase is expected to include construction of about 681 rental residences and 32 for-sale town homes.
Atlanta Housing said that 45% of the units are expected to be affordable for households earning up to 80% of AMI.
Slated to be completed in 2027, the project will also feature green space, health and wellness facilities, as well as about 36,500ft² of retail space.
Atlanta Housing commissioners’ board chairman Christopher Edwards said: “Atlanta Housing would like to thank Mayor Keisha Lance Bottoms, Invest Atlanta, the Westside Future Fund, HUD and the Georgia Department of Community Affairs for making housing affordability a priority and this project a reality.
“Working together, we’re confident we can continue our mission and help meet the mayor’s goal of $1 billion in affordable housing.”
Atlanta Housing is the housing authority of the City of Atlanta, Georgia (AH), which is claimed to be the largest housing authority in the country that provides and facilitates affordable housing resources for nearly 50,000 people.
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The project will sit on 12.3 acres of the former Herndon Homes public housing site. Credit: Jason Goh from Pixabay.
