Expected to debut in May is M Street, a $30-million, 308-unit multifamily complex being developed by longtime builder and apartment manager Julian LeCraw & Co. at the corner of Northside Drive and Marietta Street on the site of a former metal cycling plant.
Just south of May Street, the first 16-acre, 292-unit phase of Northside Village Apartments is being completed by a joint venture of locally based Southeast Capital Partners and an affiliate of Antioch Baptist Church North.
And in Vine City, a neighborhood west of Northside Drive, a $100-million, mixed-use redevelopment plan is close to being completed, area brokers tell GlobeSt.com.
The M Street apartments complex construction is being funded by a $30-million loan from the city which has a promise from LeCraw that the developer will reserve some of the 308 units for low-income families. This is LeCraw's first attempt at workforce housing ventures. Projected monthly rents will range from $600 to $1,400. The project will also have 8,500 sf of ground-floor retail.
At Northside Village Apartments, the city worked the same funding deal with Southeast Capital Partners and its church partner. The city provided low-interest construction financing in exchange for a portion of the units being set aside for low-income tenants.
The Northside Drive area is only now beginning to attract developers because of two main factors, brokers tell GlobeSt.com. They are demand for high-quality, affordable housing and the area's easy access to Downtown and Midtown.
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