Developers Zimmerman Properties, Atlanta Housing and TriStar Realty Investments have been approved for $29.5 million in Tax Exempt Loans from the Urban Residential Finance Authority for the new construction of the Flats at Stone Hogan. The development will include 256 multi-family housing units in the Continental Colony neighborhood.
This is a companion project to the Villas at Stone Hogan, a senior housing development that was approved for inducement in October 2020. According to Alan Ferguson, senior vice president of Community Development at Invest Atlanta, at the time, the community had expressed concerns about the amount of senior housing in their neighborhood, as well as their desire for more family housing and an open dialogue about proposed development plans. “The developer has very intently and deliberately engaged the community,” said Ferguson, “and has made tremendous progress in their plans and connections with the community.”
The Flats at Stone Hogan will include 75 units at 50% Average Median Income (AMI), 78 units at 60% AMI, 75 units at 70% AMI and 28 units at market rate. Wraparound services also will be provided for the families and children who attend Continental Colony Elementary School.
The Flats at Stone Hogan represents the second phase of this development and construction will move concurrently with the Villas at Stone Hogan. A planned, third phase will include market-rate, for-sale townhomes, which are in alignment with community requests.