Grant Is Catalyst for Post Centennial Park Housing
Wednesday, March 16, 2016
A $4.35-million Westside Tax Allocation District grant approved by Invest Atlanta will help finance construction of Post Centennial Park, a 438-unit apartment community located across the street from the Center for Civil and Human rights and the World of Coca-Cola in downtown Atlanta. Post Properties is the developer for the project, which broke ground in February and should be completed sometime in the spring of 2018.
The grant leverages a $95-million lease purchase bond towards total project costs, resulting in a $4.5-million tax incentive.
Ten percent of the units, or 44 homes, will be allocated to workforce housing at Post Centennial Park, which is the first new non-student rental development in the Westside/Downtown district in the past 15 years. Workforce households are those that earn 80 percent of the area median income of the Atlanta Metropolitan Statistical Area.
Replacing a blighted parking surface, this new community is expected to add about 800 residents to the downtown population.Tweet