Tapestry Development Group and H.J. Russell & Company will begin the rehabilitation of The New Villages of Castleberry Hill on Greensferry Avenue. The 28-acre, 284-unit community was built in 2000 and is located blocks away from Mercedes-Benz Stadium, Georgia Aquarium, Centennial Olympic Park and the downtown area.
A $29,500,000 Tax Exempt Loan Inducement Resolution and a $12,525,000 Series B Taxable Bond Loan approved by the Invest Atlanta Board greenlights Phase II rehabilitation to upgrade the units and position them for continued sustainability and marketability.
“I want to thank Invest Atlanta for supporting this project,” said Atlanta City Councilmember Cleta Winslow, District 4, at Invest Atlanta’s September 2020 board meeting. “It’s an important project for Southwest Atlanta. It speaks to what Mayor Bottoms has continuously said about affordable housing, and even though it’s not adding housing, it’s stabilizing the affordable housing units that we already have, which is important.”
Renovations will take place over 18 months and will include new appliances, painting, flooring, additional building lighting, site work and system upgrades. There are 114 units at or below 50% AMI, 57 units at or below 60% AMI, 57 at or below 80% AMI and 56 units at market rate.