A development in the Sweet Auburn neighborhood of Downtown Atlanta could be getting an incentive boost to make way for a senior housing project.
Construction of the first phase of McAuley Park in Sweet Auburn
Invest Atlanta’s Tax Allocation District committee voted Thursday to recommend that the full board of Atlanta’s economic development arm should greenlight a $1.5M incentive from the Eastside Tax Allocation District to finance the second phase of McAuley Park, which would create 96 units of senior housing, according to documents.
Pennrose, in a joint venture with St. Joseph’s Health System Inc., is already under construction with the first phase of McAuley Park, which involves 170 units of family housing and a 311-space parking deck that serves both the apartments and St. Joseph’s Mercy Care clinic on the property. Pennrose plans to keep 18 of the one-bedroom units priced at $904 per month, which is 50% of the area median income, and another 65 one-bedroom units at $1,085 per month, which is 60% of the area median income.
The developer is also applying for a 9% Low-Income Housing Tax Credit for the second phase, according to Invest Atlanta.
The incentive package will go before a full Invest Atlanta vote next week.
DEVELOPMENT
Tyler Perry Studios has filed an application to develop a new soundstage and two-story office tower at 1410 Campbellton Road near its existing studio campus. The Atlanta film mogul seeks to erect a 20K SF precast concrete building that will accommodate both studio and office space, according to the application.
PERSONNEL
The Southeast region of the Society of Industrial and…
Read the full article here
