The locally based Urban Residential Finance Authority is giving Harold Dawson Co. up to $33.5 million in construction financing for the venture.
According to the authority, one-fifth of the units will be reserved for tenants earning 50% of the area's median income, or about $24,000 a year for a one-person household.
The remainder of the apartments will be rented at market rate. Prices are expected to start at $781 per month for a one-bedroom, 620-sf unit. The most expensive apartment, a three-bedroom,1,370-sf unit, will rent for $1,726 per month.
The Metropolitan Atlanta Rapid Transit Authority (MARTA) has a special interest in fostering the development of the Lindbergh Station area since that locale brings in $1 million a year in ground-lease revenue, as GlobeSt.com previously reported. The tenant paying that fee is BellSouth for its new office complex next to the Lindbergh station.
MARTA projects land-lease revenue could grow to $7 million per year by 2010 as the BellSouth complex increases the number of projects on its 99-year land lease, MARTA previously confirmed. The authority will sell land for condominium ventures but generally prefers to receive the cash stream from long-term land leases on transit-oriented developments, area industrial real estate brokers tell GlobeSt.com.
The 30-year-old transit authority has been land-banking sites it acquired for nominal costs years ago. Brokers in a position to know tell GlobeSt.com MARTA is one of the nation's savviest developers of excess land or outparcels, largely due to its insistence on long-term leases rather than accepting a one-time lease payment for the dirt.
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