Just as new-construction townhome product trading for a half-million dollars is threatening to become Bankhead’s new normal, the Atlanta BeltLine has made its largest commitment yet to creating long-term affordable housing intown, agency leaders say.
Working with Invest Atlanta and the Atlanta BeltLine Partnership, the BeltLine has completed an acquisition of roughly 31 acres at 425 Chappell Road, west of Midtown.
At one and ½ times the size of Centennial Olympic Park, the BeltLine’s latest land buy is located in Bankhead’s Historic Westin Heights neighborhood, adjacent to Grove Park, and about a half-mile from Bankhead’s MARTA hub.
An unbuilt section of the BeltLine’s Westside Trail corridor is nearby, and according to BeltLine officials, the existing Proctor Creek Trail could be extended to the site and on to Washington Park. The site is also primed for regional transit connectivity, per BeltLine officials, with an influx of jobs expected nearby at Microsoft’s future campus.
The seller, Brock Built Homes, has been active building—and selling—townhomes in the area, and other communities west and northwest of Midtown for two decades.
The sales price, $26.5 million, was 30 percent below the property’s last appraised value, per the BeltLine. Agency leaders consider the discount “a donation from the Brocks to further the goal of an affordable and inclusive Atlanta,” per an announcement today.
The site is "of regional significance” and “will have a profound positive impact on the affordability and job creation promises” of the BeltLine, said Clyde Higgs, the agency’s CEO.
Located within the BeltLine Tax Allocation District, the site is bounded by Chappell Road, North Avenue, Mayson Turner Road, and a CSX rail line.
As a next step, BeltLine leaders will host community engagement sessions expected to guide a Request for Proposals—an invitation for developers to submit qualifications and ideas. No timeline for that process was specified.
The Bankhead purchase brings the BeltLine’s total assemblage of land meant for affordable housing and job-creation to 65 acres around Atlanta.
Other sites include 20-acre Murphy Crossing in Oakland City, a 3-acre property on Garson Road in south Buckhead, and a site of roughly 9 acres on Avon Avenue in southwest Atlanta.
• Recent BeltLine news, discussion (Urbanize Atlanta)