Incentives to Launch Little Five Points Project?
Charleston-based multifamily developer Greystar has its eyes set on Little Five Points for a new apartment project. It's with the help of Invest Atlanta, which is scheduled to vote this week on a $54M revenue bond so Greystar can purchase and develop a lot at 1150 Wade St for a 285-unit apartment building. According to docs with Invest Atlanta, Greystar's 268k SF project will also include 15k SF of ground level retail and a five-level parking deck. (Paint your car a distinctive color if you don't want to lose it.) For the city, Invest Atlanta states the project should contribute nearly $480k in property taxes in the first year alone.
We reached out to Greystar's Bill Maddux (pictured here during last year's multifamily event in Atlanta), but he didn't return calls before press time. Greystar projects rents from $1,150/month for a studio to $1,700/month for two-bedroom. But per the agreement with Invest Atlanta, Greystar must offer 10% of its units—29 total—as affordable housing at 60% of the area median income.
