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Incentives to Launch Little Five Points Project?

Atlanta Multifamily

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Charleston-based multifamily developer Greystar has its eyes set on Little Five Points for a new apartment project. It's with the help of Invest Atlanta, which is scheduled to vote this week on a $54M revenue bond so Greystar can purchase and develop a lot at 1150 Wade St for a 285-unit apartment building. According to docs with Invest Atlanta, Greystar's 268k SF project will also include 15k SF of ground level retail and a five-level parking deck. (Paint your car a distinctive color if you don't want to lose it.) For the city, Invest Atlanta states the project should contribute nearly $480k in property taxes in the first year alone.

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We reached out to Greystar's Bill Maddux (pictured here during last year's multifamily event in Atlanta), but he didn't return calls before press time. Greystar projects rents from $1,150/month for a studio to $1,700/month for two-bedroom. But per the agreement with Invest Atlanta, Greystar must offer 10% of its units—29 total—as affordable housing at 60% of the area median income.