At its July board meeting, Invest Atlanta approved financing from the Eastside TAD (Tax Allocation District) Community Empowerment Fund up to $320,000 to fund the building renovation of 458 and 460 Edgewood Avenue.
The renovation of the adjoining properties would create 6,600 square feet of affordable retail and office space for non-profit and social impact users. The properties are owned by Community of Hospitality (COH), an intentional, faith-based organization committed to the service of others by traditionally serving the homeless and now, via this project, cultivating socially-oriented small businesses and nonprofits to further their missions.
COH is most known for its work at the property through Café 458, a restaurant concept that provided employment and a safe space for meals for homeless residents. The property was also home to the organization’s signature program The Edge, which provided comprehensive support services for homeless people seeking work.
458 Edgewood is a 2,000-square-foot single-story building built in 1940, comprised of a commercial kitchen and dining area. COH intends to activate the space with a social-impact food and beverage provider focused on economic and creative empowerment. 460 Edgewood is approximately 4,600 square feet split between two floors. The ground floor will house community meeting space and private offices, with the second floor containing eight offices and a common collaborative area. Programming of the collaborative area will include community empowerment programming, educational and vocational classes, skills sharing, and community organizing.
In accordance with the Eastside TAD funding guidelines, 20 percent of leasable square footage will be restricted to rents that are equal to or less than 20 percent of the area’s market rate.