Barge Road Highrise To Be Modernized
FILED TO: What's New
The Michaels Organization, in partnership with Atlanta Housing, is set to begin the modernization of Barge Road Apartments following a successful financial closing in July. The community, an 8-story high-rise near Atlanta’s Mellwood neighborhood, is reserved for senior citizens ages 55 years and older. This is the fourth development between Michaels and Atlanta Housing.
“We’re proud to partner with The Michaels Organization on this significant renovation for more than 125 Atlanta seniors and persons with disabilities. Atlanta Housing’s staff has been hard at work on this and other redevelopments that ensure long-term affordability in newly improved communities,” said Eugene Jones, Jr., President and CEO of Atlanta Housing.
Originally built in 1981 and conveniently located in close proximity to major highway I-285 and within walking distance to MARTA bus transportation lines, Barge Road offers a convenient and comfortable solution for active seniors. The surrounding community provides vast opportunities for dining, shopping, and recreation, just minutes from Downtown Atlanta.
Barge Road will remain a senior living community comprising 129 one-bedroom apartment homes. Renovations to the complex will include a new porte-cochère, new windows, renovated kitchens and baths, all new appliances, energy efficient lighting, new flooring throughout the building, and upgrades to landscaping and hardscape on the exterior.
This redevelopment initiative will be financed in part by the U.S. Housing and Urban Development's Rental Assistance Demonstration program (RAD), which allows public housing agencies to leverage public and private debt and equity in order to reinvest in the public housing stock. The program also ensures that the renovated units remain permanently affordable to low-income households. Under this program, Barge Road will serve residents earning between 30-60 percent of the Area Median Income (AMI).
“We are privileged to partner with Atlanta Housing on this development and are eager to get to work on renovating this essential housing project,” said Granvel Tate, Regional Vice President of Development for The Michaels Organization. “It is extremely important that we are not only able to provide the high-quality housing that each resident deserves, but that we also ensure long-term affordability.”
Additional financing for this $22 million redevelopment includes construction financing from Truist Bank and Atlanta Housing, tax exempt bonds issued by Invest Atlanta, tax credits from the Georgia Department of Community Affairs syndicated by Berkadia Affordable Tax Credit Solutions, and a Freddie Mac permanent loan from Berkadia Affordable Mortgage Banking.
Atlanta Housing has served as a co-developer partner in the project alongside Michaels Development while Michaels Management continues to serve as the property management company. Goode Van Slyke Architecture is the project architect and Ujamaa Construction will serve as general contractor. Construction is estimated to take 18 months, with project completion projected for 2023.
About Atlanta Housing
The Housing Authority of the City of Atlanta, Georgia (AH), is the largest housing authority in Georgia and one of the largest in the nation. AH provides and facilitates affordable housing resources for nearly 22,000 low-income households comprised of approximately 50,000 people. These affordable housing resources include AH-owned residential communities, AH-sponsored mixed-income, mixed-finance residential communities, Housing Choice vouchers, HomeFlex, supportive housing arrangements and homeownership opportunities. AH’s programs are funded and regulated by the U.S. Department of Housing and Urban Development (HUD). Visit Atlanta Housing at https://www.atlantahousing.org or follow us on Twitter at @housingatlanta.
Back to News Next article
