Atlanta BeltLine, Inc. (ABI) alongside Prestwick Development Company celebrated the opening of Parkside on Atlanta’s Westside with a festive ribbon-cutting ceremony. The development allows ABI to exceed 50% of its affordable housing goal in Q2 of this year.
“At the end of the day, it’s about the people,” ABI President and CEO Clyde Higgs said. “This brick and metal and wood that you see is just a conduit for outcomes that we want.
“When you think about the BeltLine vision, this represents what we’re trying to do: access to jobs, transportation options, affordable housing, arts and culture, access to greenspace. It really is all about collaboration of all our partners to get this done.”
Located within the BeltLine Tax Allocation District (TAD), Parkside was made possible thanks to a $2 million contribution courtesy of the BeltLine Affordable Housing Trust Fund. Prestwick Development Company also received a $3 million tax-exempt loan from Invest Atlanta and additional financing through Sugar Creek Capital, Bellwether Enterprise and Enterprise Community Partners, as well as low-income housing tax credits from the Georgia Department of Community Affairs.
Parkside showcases brand-new apartment units featuring open floor plans with one-, two- and three-bedroom opportunities. Residents have access to generous onsite amenities including a business center, multiple community spaces, a conference center and a wellness/fitness center. Located one block from Maddox Park on Proctor Creek, residents at Parkside don’t have to travel far to take advantage of the beautiful Proctor Creek Greenway.
All 182 units are dedicated to affordable housing at the following levels of Area Median Income (AMI):
- 57 units at 50% AMI
- 96 units at 60% AMI
- 29 units at 70% AMI
ABI is committed to providing 5,600 affordable housing units by 2030 and allies itself with multiple partners to achieve its goal and provide capital development projects, such as Parkside. In partnership with Invest Atlanta, ABI administers the Atlanta BeltLine Affordable Housing Trust Fund (BAHTF) and the BeltLine TAD excess increment fund. The TAD is a financing tool projected to cover approximately a third of the costs to build out the Atlanta BeltLine with all excess committed to affordable housing.
Within the TAD, ABI has provided 3,100 affordable housing units to date. A total of 4,755 affordable units are placed within the broader BeltLine Planning Area, all created and preserved within walking distance of the 22-mile loop of Atlanta green space.
The organization surpassed its 2022 goal of delivering 320 economical units of living space, with 373 units created or preserved thanks to the generous aid of the City of Atlanta Inclusionary Zoning ordinance. The legislation went into effect in January 2018 and was sponsored by then Councilmember Andre Dickens, now Atlanta’s mayor, and championed by other city leadership.
In conjunction with the Atlanta BeltLine Partnership (ABP), ABI can administer the Legacy Resident Retention Program (LRRP) to offer necessary financial assistance through 2030 to qualifying homeowners within the district financially inconvenienced by property tax increases.
About Atlanta BeltLine, Inc.
With a vision to make the City of Atlanta a global beacon for sustainable, inclusive and equitable city life, Atlanta BeltLine, Inc. serves as one of the most wide-ranging urban redevelopment programs across the United States. Alongside partner organizations and host communities, ABI encourages a more economically and socially resilient Atlanta through affordable housing, access to public spaces, inclusive transportation systems and job creation. For more information about ABI, visit www.BeltLine.org.
Although fully leased, those interested in Parkside are encouraged to visit www.ParkSideQY.com. For information about the Atlanta BeltLine, Inc. commitment to providing affordable housing to the metro area, learn more by visiting the website.