Civic Center to Be Redeveloped Into Mixed-Use Development With Affordable Housing
Tuesday, November 21, 2017
Mayor Kasim Reed announced the City of Atlanta has sold the Civic Center to the Atlanta Housing Authority (AHA) for $31 million. Mayor Reed was joined by AHA President and CEO Catherine Buell and Invest Atlanta General Counsel and Senior Vice President Rosalind Rubens Newell for the announcement.
AHA will partner with Weingarten Realty Investors to develop plans for the site, which is expected to result in a $300 million total investment, and will commit to 30 percent affordable housing at a time when affordability and mobility are the most important issues facing our city.
“I am pleased to announce today that the City has closed on the sale of the Civic Center to our partners at the Atlanta Housing Authority, which has committed to making 30 percent of new residential units at this property affordable to low-income and working families,” said Mayor Reed.
Through its HomeFlex program, AHA will build 250 low-income housing units. Through its bond inducement requirements, Invest Atlanta will support development of at least 10 percent workforce housing units. Overall, at least 30 percent of new residential units will be affordable to low-income and working families.
“The redevelopment of the Civic Center will be a transformative project for north Downtown, bringing new jobs, investment, and amenities to the area,” said Rosalind Rubens Newell, general counsel for Invest Atlanta. “It will also create much-needed affordable workforce housing in the heart of our city, making it easier for more city residents to live near employment centers like Midtown and Downtown. Today’s announcement represents another important step forward in our work to increase economic vitality, mobility, and equity for all Atlantans.”
“We’re happy that we can help execute this game-changing acquisition,” says Catherine Buell, president and CEO of the Atlanta Housing Authority. “As the site land owner, we can collaborate with all parties in a way that allows AHA to structure and guarantee a level of permanent affordability.”
The mixed-use development will also incorporate retail and commercial space, with consideration given to a performing arts venue.Tweet