The Atlanta BeltLine is envisioning a 32-acre residential development next to Mircosoft's dormant Westside land holdings that would be chock full of affordable housing.
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The organization, which is spearheading the development of the 22-mile pedestrian loop around the city, filed an application to develop a project at 425 Chappell Road with 1,100 residential units, 30% of which would be income-restricted, plus 5K SF of commercial space.
The $270M project is expected to be completed by 2030, according to the application with the state Department of Community Affairs, which reviews projects that would have an impact on regional infrastructure.
If realized, the project could boost Mayor Andre Dickens' goal of preserving or developing 20,000 affordable housing units by 2030. The site in the Bankhead neighborhood is close to where Microsoft purchased 90 acres and announced plans for a mixed-use campus that would have offices for 15,000 employees as well as retail, groceries and affordable housing in a historically underserved neighborhood of Atlanta.
Microsoft's plans help drive home and land prices up in the area in the hopes of catching momentum from a huge new tech-anchored development, but those dreams were dashed last year when Microsoft put its plans on indefinite hold.
The BeltLine plans to search for development partners for the project next year, The Atlanta Journal-Consitiution reported.
“(The Beltline) has worked closely with the city of Atlanta to develop a master plan for both (425 Chappell Rd.) as well as the city of Atlanta's (30-plus) acres of land adjacent to the site,” BeltLine Vice President Dennis Richards Jr. told the AJC in an email. “We also worked to ensure plans for the site include connectivity with Maddox Park, the Bankhead MARTA station, the Atlanta Beltline and the Proctor Creek Greenway.”
The BeltLine purchased the site at 425 Chappell Road three years ago from Brock Built Homes for $26M after the residential developer failed to realize plans for an apartment and townhome community, according to the AJC.
Under the BeltLine's guidance, the project will aim to build rental units affordable to residents earning between $54K and $86K a year for a family of four, while for-sale units would be capped for households earning $129K a year for a family of four. The nonprofit also wants to set aside some units for residents making below 50% of the area median income, Richards told the AJC.
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