Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander

04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 1

// Responsible Reuse: Promoting Sustainable Placemaking

James AlexanderMay 15, 2014


// Outline

• Atlanta BeltLine introduction

• Repurposing land with infrastructure

• Creating a framework for redevelopment

• Lofts at Reynoldstown Crossing


// Atlanta Railroad Legacy


// Location

// Evolution


// Components

Trails33 miles

Affordable & Workforce Housing5,600 Units

Historic Preservation Public Art &Streetscapes

Parks1300 + new acres

Jobs & Economic Development30k jobs

Environmental Clean-up 1100 + acres

Transit 22-mile loop


// Financing

Total Program = $4,393 billion

$ values in millions


// Progress

• Parks: 3 new parks, over 200 acres acquired

• Trails: Over 7 miles; 2 more in development

• Transit: Completed Tier 1 EIS

• Affordable Housing: 500+ units

• Economic Development: 3 to 1 ROI, 9,000+ units.

04/13/23 Atlanta BeltLine // © 2014 Page 9

// ROI - Eastside Trail

• $13 million post purchase project cost (design + construction) with $5 million contribution from private donors

• $775 million in new private development within half a mile of this segment of the Atlanta BeltLine


// Eastside Trail – Before

Photo credit: Ryan Gravel


// Eastside Trail – After



// Eastside Trail – Before Bridge (1906) at Ponce de Leon



// Eastside Trail – AfterBridge (1906) at Ponce de Leon



// Eastside Trail – Before



// Eastside Trail – After



// ROI - Historic Fourth Ward Park

• $50 million total project cost with $17.5 million contribution from private donors

• $400 million in new private development within a block of park


// Historic Fourth Ward Park – Before


// Historic Fourth Ward Park – After


// Land Use and Zoning

• 10 Subarea Master Plans• Land use• Transportation• Parks

• Proactive rezoning


// Affordable Workforce Housing

Origins

•Concerns about social impacts and gentrification

•Non profit developers and policy groups advocated to City Council for an Affordable Housing Trust Fund

•Council included Trust Fund in TIF/TAD creation legislation

Legislative Framework

•15% of each TAD issue dedicated to Trust Fund

•5,600 unit goal over 25 years

•BeltLine Affordable Housing Advisory Board


// Affordable Workforce Housing

Progress

•Capitalized and committed an $8.8M Trust Fund

•Downpayment Assistance

• 85 closings

•Incentives

• 165 units committed funding

•Acquisition

• Acquired 30 units at Lofts at Reynoldstown Crossing.

•Land Trust Collaborative formed


// Lofts at Reynoldstown Crossing

• Previously failed condominium development.

• ABI bought out of receivership

• Completed construction and remarketed property to affordable homebuyers

• Placed all units under contract in one day through a “drawing.”

• Three Atlanta Land Trust Collaborative units for first responders and teachers

• 1.5 acres of land for 2nd phase


// Lofts at Reynoldstown Crossing

Challenges:

•Foreclosures are black boxes

•Former FDIC owned property

•Qualification and closing

•HOA turnover

•Timeframe

Numbers:

•TDC = $4.4M

•Average unit price of $150K/unit

• $64K DPA; $86K 1st Mortgage

• Monthly payment less than $1,000 per month

•$3M acquisition; $700K construction; $300K commissions

•$650K invested in surrounding land

Real Estate

Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander