The city of Atlanta’s development arm is expected to consider property tax breaks Thursday for two apartment communities that will include “workforce housing.”
The proposed property tax breaks are the carrot in a city strategy over the past few years to encourage developers of apartment towers to set aside 10 percent of units that are affordable for residents who make 80 percent of median income.
Columbia Ventures is partnering with MARTA to redevelop the Edgewood-Candler Park MARTA station in Atlanta, Ga. The project, set to break ground in early 2016, will replace existing excess parking spaces with a “local gathering place” that will strengthen the identity of Edgewood and encourage walking and biking to the station from surrounding areas.
MARTA recently announced its plan to create “walkable developments” around its Arts Center station and Oakland City station. The dense, pedestrian-friendly villages appeal to corporations when they are looking for a location for operations. If workers can easily walk to public transit, it saves time and money for both the worker and the corporation. Similar to the Lindbergh Center station, MARTA will sell or lease the property at the rail stations to developers who will build villages that attract transit riders. MARTA hopes to create such communities for 11 of its 38 stations.
Deals are complete or nearly finished already for King Memorial, Avondale and Edgewood/Candler Park stations. Columbia Ventures and Decatur Downtown Development Authority are joining together to build apartments, condos, affordable senior housing units and retail, and possibly a grocery store in the area surrounding the Avondale station. Invest Atlanta and Columbia Ventures are redeveloping the Edgewood/Candler Park station into about 400 apartments, 20,000 square feet of cultural space, 10,000 square feet of retail and a public park. Final negotiations for both stations are underway and construction is expected to begin by early next year.
