Atlanta Civic Center Senior to deliver 148 affordable housing units and unparalleled amenity space to Atlanta’s low-income seniors
The Michaels Organization, a national leader in residential real estate, in partnership with Atlanta Housing and development partners Republic and Sophy Capital, announced today the financial closing on Atlanta Civic Center Senior – the first of a multi-phase transformational redevelopment of the former Atlanta Civic Center site.
“The Atlanta Civic Center redevelopment is far more than a construction project. It’s a bold investment in Atlanta’s future,” said Terri M. Lee, President and CEO of Atlanta Housing. “This first phase will set the foundation for a community that honors the site’s history while delivering high-quality affordable housing and opportunities for generations to come. We are proud to partner with organizations that share our vision of expanding resources and creating pathways to self-sufficiency for thousands of Atlantans.”
This first phase, Atlanta Civic Center Senior, will offer 148 units and an array of amenities to Atlanta’s low-income seniors. Built on a podium and wood-framed, these 148 new apartments will be reserved for senior households earning below 60% of the Area Median Income.
“This development is the culmination of the hard work from multiple partners over the past two years,” said Greg Olson, Regional VP of Development for The Michaels Organization. “Together, we’re marking the start of a new chapter for this historic Atlanta neighborhood and ensuring our residents can enjoy the high-quality, affordable housing that they deserve.”
“Republic is proud to work alongside our public and private partners on this monumental project and excited to begin the first phase of a vibrant new community that will deliver mixed-income housing, public spaces, and serve as a cultural hub showcasing Atlanta’s reputation as a thriving center for arts, culture, and creativity,” said Jordan Kramer of Republic Properties Corporation.
Financing for the $64 million development includes a capital loan and rental assistance from Atlanta Housing, along with equity from the sale of 4% Low Income Housing Tax Credits (LIHTC) and State Tax Credits, in addition to critical soft funding from the City of Atlanta, the Community Foundation of Greater Atlanta, and a Federal Home Loan Bank of Cincinnati grant. Additionally, the Atlanta Neighborhood Development Partnership, in conjunction with Reinvestment Fund, provided a below-market interest second mortgage. Key Bank provided LIHTC equity, a $39.1MM construction loan and arranged for a Fannie Mae permanent loan. Advantage Capital provided State Tax Credit equity.
This initial phase of a planned multi-phase site will include open floor plans with building amenities including a community lounge, a fitness room, arts and craft rooms, on-site social services, and an outdoor courtyard. The property also includes an on-site management office off the main entry to provide visibility, security, and resident assistance.
“The Atlanta Civic Center redevelopment represents a once-in-a-generation opportunity to reconnect a historic neighborhood through inclusive and intentional development,” said Michael Green, CEO of Sophy Companies. “As co-lead developer, Sophy Companies played an integral role in shaping the project’s financial and community development strategy. We are proud to partner with Atlanta Housing, The Michaels Organization, and Republic Properties to advance a shared vision that keeps affordability, design excellence, and cultural legacy at the heart of this transformation. This work is also part of Sophy’s broader commitment to inclusive redevelopment across Atlanta, including the long-term vision for the Civic Center’s future.”
When complete, the multi-phased, mixed-income redevelopment will transform 19 acres into a new, vibrant mixed-use community featuring housing, communal space, retail, and more. Future phases will include the repurposing of the existing PAC building and the creation of approximately 1,500 new mixed-income apartments (offering affordable, workforce, and conventional leasing levels), a new art-focused APS high school, a hotel and grocery store, commercial space, office space, and ample outdoor plaza areas.
Along with Michaels, Sophy, and Republic, other members of the development team include Goode Van Slyke Architecture (GVSA) and general contractor Winter Johnson Group (WJG). Once completed, the community will offer supportive services coordinated by Better Tomorrows. A groundbreaking is planned for Dec. 9th.
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