The Lofts at Reynoldstown Crossing on Memorial Drive next to H. Harper Station and the Atlanta Beltline Eastside Trail is an example of what can happen when good vision and planning come together. The Atlanta Beltline Affordable Housing Program’s goal is to make city living attainable by creating a large number of affordable units, rentals as well as owner occupant, over the next 25 years. 15% of the net proceeds will be set aside in an affordable housing trust fund to provide down payment assistance to Buyers as well as Developer incentives to prompt the continued construction of affordable housing. The Atlanta Land Trust Collaborative addresses the issue of affordability in neighborhoods around the Beltline because of the inevitable result of development which is the displacement of folks living in these areas prior to the change.
Housed in a former motorcycle parts factory, The Lofts at Reynoldstown Crossing consists of 28 units that were reserved for Atlanta work force, down payment assistance Buyers making less than $67,000 annually, and one market-rate penthouse. The complex was originally planned as Triumph Lofts which eventually failed as a high end condominium development and went into receivership. Although it sat for years, 85% of the project was complete and Atlanta Beltline Inc. was able to purchase it at a rate that allowed them to turn around and offer the units at an affordable price to the workforce. The numbers are interesting and you have to believe this plan can be duplicated again and again: 2,400 people registered to become eligible to purchase, more than 600 people visited the site, and more than 40 Buyers were prequalified to participate in the lottery which resulted in all 28 units going under contract on a single afternoon. This is such a success story to me…take something that is sitting there collecting dust in an amazing, growing location and using it in a way that helps people and the area to grow in a sustainable way. I truly hope the Beltline continues in the positive direction it seems to be going and Atlanta can rally around it as a new way of intown life.