At their June monthly meeting, the Invest Atlanta board approved the sale of two vacant multifamily properties to Hagar CTM, who will renovate them into 17 units of quality, affordable rental housing for the Westside community.
The two properties—located at 712 Fox Street and 415 James P. Brawley Drive—were acquired by Invest Atlanta as part of the Westside land acquisition initiative.
In response to a Request for Proposals (RFP) issued by Invest Atlanta, Hagar CTM proposed to purchase the improvements on both parcels and negotiate a long-term ground lease with Invest Atlanta to redevelop the two properties. The organization has an equity partner in KP Realty One, who will provide funding assistance for the acquisition and rehabilitation.
“This one rose to the surface as one that we were very excited about and felt like we could take action on it now,” said Jennifer Fine, the VP of Planning and Strategic Initiatives at Invest Atlanta. “We’re really encouraged by the proposed design and architectural detail they want to do on these properties. They’re really kind of changing the landscape of what these looked like. For all intents and purposes, they’re going to look completely different. Which I think is hugely important to help set a tone. And change the narrative that we’re not just talking about painting windows. This is real change.”
The redevelopment of existing multi-family properties in English Avenue and Vine City is a primary focus of this effort as it provides a significant opportunity to positively impact the availability of quality, affordable rental housing in the community.
Hagar Civilization Training Missionary (CTM) is a 501(C)3 nonprofit volunteer organization that provides unsubsidized affordable rental housing to low-income senior, disabled, and veteran residents. Hagar CTM’s work has significantly improved the quality and mix of housing stock in their target neighborhoods, while also creating new employment opportunities. Hagar also partners with organizations like the Atlanta Community Food Bank to provide wrap-around services to residents.
Invest Atlanta has worked with Hagar CTM several times already. Most recently, the Invest Atlanta Board approved an $812,000 grant from the Westside Tax Allocation District (TAD) Community Improvement Fund and an $812,000 loan from the Vine City Housing Trust Fund to support the conversion of 7 vacant properties into 20 affordable housing units.