Invest Atlanta, the city’s economic development agency, is set to approve a significant funding package aimed at supporting affordable housing initiatives in the controversial Amsterdam Walk redevelopment, located adjacent to the Beltline.
During a Tax Allocation District and Policy Review Committee meeting, the board is expected to sanction $2 million in Beltline TAD increment financing for the first phase of this multifamily development, which is spearheaded by Portman Holdings.
This phase will include 135 housing units designated for tenants earning between 50 to 80 percent of the Area Median Income (AMI).
On the lower end of the pricing scale, studio rents will begin at $1,000 per month for a 415-square-foot unit, while larger three-bedroom apartments, totaling 1,100 square feet, will cost up to $1,485.
For tenants at 80 percent AMI, studio rents will start around $1,600 and increase accordingly.
Portman Holdings is collaborating with Mercy Housing, a nonprofit developer known for projects such as the Thrive Sweet Auburn supportive housing project and the Clairmont Family workforce housing venture in Chamblee, to deliver these affordable units.
The residential component of the Amsterdam Walk project, estimated to cost $53 million, is projected to take around two years to complete, with an anticipated opening in 2028.
Residents will enjoy amenities such as a playground, picnic pavilion, business center, and laundry services, while commercial spaces will occupy the ground floor of the development.
Funding for the project’s affordable housing segment will also incorporate resources from the Georgia Department of Community Affairs tax credits and federal and state Low Income Housing Tax Credits via Truist, according to details provided by Invest Atlanta.
While specifics about the broader scope of Amsterdam Walk and its additional phases remain unclear, Mike Greene, Portman’s senior vice president of development, indicated that the information regarding future construction timelines and units would not be available until early 2026 at the earliest.
The scaled-back plans for Amsterdam Walk, which have sparked considerable debate over the last two and a half years, received the Atlanta City Council’s approval in April with a vote of eight to six.
Despite opposition from local residents who expressed concerns about increased traffic congestion on Monroe Drive, the city council’s decision enables Portman to proceed with the design for a project that may comprise up to 1,100 apartments.
The comprehensive development will encompass approximately 1.2 million square feet, including public plazas and around 150,000 square feet of commercial and retail spaces.
As part of the initiative, between 220 and 240 apartments will be reserved for below-market-rate rentals, while the ground-level retail spaces are slated to offer discounts of up to 30 percent for tenants.
This ambitious endeavor reflects the ongoing efforts to tackle the affordable housing crisis in Atlanta while also facing the scrutiny and concerns of nearby residents.
Invest Atlanta’s financial backing signifies a strategic move to foster development that aligns with the city’s economic growth and housing accessibility goals.
image source from：atlanta
