The City of Atlanta, Invest Atlanta, and The Prestwick Companies officially announced on Monday, September 10 the opening of the new Gateway Capitol View senior living development in Atlanta’s Capitol View neighborhood.
The complex is located near the Atlanta BeltLine Westside Trail and the Oakland City MARTA station. All units are reserved for seniors over the age of 55 whose income is at or below 60 percent of the Area Median Income (AMI). Project Based Rental Assistance from the Atlanta Housing Authority will ensure all residents pay no more than 30 percent of their income in monthly rent.
At the opening, Chief of Staff Marva Lewis represented Mayor Bottoms and joined Atlanta City Councilmembers Joyce Sheperd and Matt Westmoreland; Dr. Eloisa Klementich, President and CEO at Invest Atlanta; Clyde Higgs, Interim CEO at Atlanta BeltLine, Inc.; and Jody Tucker and other company representatives from The Prestwick Companies, the developer on the project.
The Prestwick Companies worked in partnership with Invest Atlanta, the Georgia Department of Community Affairs and Housing Atlanta to develop this this market-quality complex that features 137 one-bedroom and 25 two-bedroom units.
“Today is a joyous occasion for all of who have been involved with this housing development near the Atlanta BeltLine,” said Jody Tucker, Chief Executive Officer of The Prestwick Companies. “The affordable housing need in Atlanta is greater than ever, and we couldn’t be prouder of this premier housing community for seniors. Congratulations to everyone who made Gateway Capitol View a reality for 162 senior families.”
In 2016, the Invest Atlanta Board of Directors approved $14.5 million in tax-exempt bond financing in support of this project. Other sources of financing included federal and state tax credits, a $3 million DCA HOME Loan, as well as private funding sources. Construction began on the development in early 2017.
“I’m excited to celebrate this beautiful development,” said Councilmember Joyce Sheperd. “It is it is absolutely gorgeous and across the street from MARTA, which is the ideal location for those seniors without vehicles. The southside of Atlanta is becoming a place where seniors really want to be. I’m proud as a Councilmember to have this kind of affordability in my district, and I look forward to having more partnerships like this as we continue to build out affordability in Atlanta.”
“Gateway Capitol View is a great example of how we’re building momentum around our comprehensive approach to preserving and creating high-quality affordable housing in Atlanta,” said Dr. Eloisa Klementich. “It takes a lot of hard work behind the scenes to create and preserve affordable housing in Atlanta, but days like today make it all so rewarding. This development alone will create 162 new affordable units and have an estimated economic impact of $35 million.”
Gateway Capitol View is a four-story “U”-shaped building with amenities including a community room with a fully equipped kitchen, fitness center, business center with computer stations, furnished library, gazebo, picnic area, and central laundry facility.
The key amenity, however, is the access to transportation it provides to seniors. The need for additional transit options for Atlanta seniors has been identified by the Atlanta Regional Commission. The Gateway Capitol View project is located less than a mile from the Atlanta BeltLine Westside Trail and the future Murphy Crossing development. It is also across the street from the Oakland City MARTA station, making it a prime example of transit-oriented development (TOD) in Atlanta.
Gateway Capitol View is one of many developments the City of Atlanta is supporting as part of its comprehensive approach to creating and retaining affordable housing in the city. In 2018, the city has celebrated grand openings and groundbreaking events for Adair Court, The Remington, and Legacy at Vine City, projects that have created and preserved 356 affordable housing units for senior age residents.