Resurgens Fund Grants to Bring New Life to Eastside Properties
Friday, March 24, 2017
At their March meeting, the Invest Atlanta board approved two Resurgens Fund grants, including one that will allow The Ethical Property Group to create a new space for non-profit organizations.
“The Resurgens Fund was deliberately created to with the intention of reactivating these vacant and obsolete buildings,” said Jennifer Fine, Invest Atlanta’s Vice President of Planning and Strategic Initiatives.
The Ethical Property Group will receive a grant of up to $547,565 to transform a vacant commercial property on Auburn Avenue into The Hub. The bottom floor of The Hub will offer office space for local non-profits, while the top floor will consist of short-term and long-term “micro unit” apartments. Two of the units will be available for rent with income restrictions to ensure affordability.
The recipient of another Resurgens Fund grant of up to $297,115 will renovate a two-story historic building dating back to the late 19th century, at 101 Peachtree St. SW in South Downtown. Once façade improvements and interior renovations are complete, the building will house a first-floor retail space and the second floor will bring two much-needed residential apartment units to the area.
South Downtown, Fine pointed out, is an area where Invest Atlanta really sees a “tremendous need for this type of funding.”
Invest Atlanta has now issued three Resurgens Fund grants within the Eastside Tax Allocation District (TAD). In December 2016, the board approved a $1 million grant for the future Sweet Auburn Ballroom, an entertainment space located along the Atlanta Streetcar route.Tweet