The years-long legal feud over land transactions between the city’s housing authority and a group of developers has finally ended, freeing up four prime properties for redevelopment.
For eight years, local developer Integral Group and its partner companies had fought with Atlanta Housing (AH) over the valuation of and development rights to roughly 88 acres spread across four intown properties initially owned by Atlanta Housing. In the transactions with AH, the private developers built housing complexes — including two in and near Sweet Auburn, one in West End, and one in south Atlanta.
But Integral announced last week that it had consummated a settlement with AH that will allow the developers to move forward on revitalization plans dating back to 1999 that were stalled by the court fracas. The Integral partnership paid AH $26 million “to compensate the authority for its 50-50 ownership of the 88 acres,” according to SaportaReport, which first broke the news.
“The four private partnerships will forego development rights to 34 acres of land from their original development programs, with AH retaining title to those parcels, leaving the private partnerships with title to the remaining 54 acres,” Integral said in a press release.
…
Grant to help MARTA draw up transit-oriented development plan
A $750,000 federal grant will help catalyze affordable housing and other new development in southwest Atlanta communities historically starved for investment — including big changes by the Oakland City MARTA station on the south line.
The Federal Transit Administration (FTA) awarded the funding to MARTA so it can map out its grand vision for transit-oriented development along the planned Campbellton Road bus rapid transit line, which is slated for completion in 2028.
MARTA last year finalized its ambitious master plan for the redevelopment of the corridor’s environs, and the FTA grant will empower the regional transit authority to advance ideas outlined in the plan by identifying “opportunities to address food insecurity, affordable housing, the unsheltered, economic development, education, greenspace, stormwater management, and transit accessibility,” it said in a press release.
MARTA will use the FTA grant in part to figure out how to develop a critical component of the vision: Twelve vacant acres it owns next to the Oakland City train station, which neighbor a church, some townhouses, and an abundance of single-family homes.
“We’ve heard loud and clear from the community that they don’t just want another housing project,” said Jacob Vallo, MARTA’s assistant general manager of real estate development. Neighbors want — and need — affordable housing, but they also desire food and grocery options, greenspace, education initiatives, and economic development programs to support new businesses and jobs, he said.
…
Fed money helps Habitat for Humanity build homes
The federal government has awarded $2 million to Atlanta Habitat for Humanity to build 20 new homes just north of the airport, U.S. Sen. Jon Ossoff’s office announced earlier in April.
The funding, part of the budget appropriations package that Congress passed in March, will propel the second phase of Habitat’s Browns Mill Village development, for a total of 32 new homes.
Phase one, for 139 homes, is slated for completion next year. After that, construction of the next 32 homes will begin, according to Atlanta News First.
…
Sweet Auburn ‘co-living’ project promises $1,400-a-month bedrooms
A mixed-use development materializing in Sweet Auburn will rent out bedrooms in shared apartments for around $1,400 per month.
The so-called “co-living” model mimics developments in pricey cities like New York City and Los Angeles. It targets college students and young professionals struggling to find a place in Atlanta’s expensive housing market, with lease durations ranging from three months to a year.
Led by Sweet Auburn’s Historic District Development Corporation, the project, dubbed “Front Porch,” consists of 22 fully furnished, shared apartments and 23 micro- and studio units, for a total of 67 bedrooms, plus 16 condos for sale. There are also over 24,000 square feet of retail, commercial, and arts space.
The Front Porch is located at 348 Auburn Avenue and 349 Old Wheat Street.
…
Wall Street’s grip on Atlanta’s housing market isn’t lessening
Wall Street investors won’t be relaxing their chokehold on metro Atlanta’s housing market any time soon. From Georgia’s statehouse to the nation’s Capitol, the political will to rein in powerful corporate landlords just isn’t strong enough right now.
Atlanta is one of the top housing markets nationally that investment funds have targeted since the 2008 housing crisis. Institutional investors make up over a third of recent single-family home purchases in metro Atlanta. In fact, three corporate landlords alone own almost 11% of the city’s single-family rental market — over 19,000 homes — according to a recent study from Georgia State University and Rutgers University researchers.
Atlanta Civic Circle interviewed a slate of housing experts and lawmakers to find out what elected leaders can — or can’t — do to limit home purchases and to require greater transparency from private equity and hedge funds.