Westerville, OH, February 9, 2017…Revitalization in downtown East Point, GA, is getting a kick- start with the new Mallalieu Pointe development. The $13.5 million facility will offer 67 mixed- income apartment units, plus ground-level retail and commercial space. It is one of the first affordable housing developments in the area projected to earn the LEED Gold certification by the U.S. Green Building Council.
“The City of East Point is committed to redeveloping its downtown and Mallalieu Pointe represents an exciting start in that commitment,” says Denis Blackburne, a senior vice president with co- developer The Woda Group. Blackburne is based in the firm’s Savannah office.
Mallalieu Pointe is located at 2621 Church Street, within the East Point Main Street Corridor -Transit Oriented Development (TOD) Plan that was commissioned by the Atlanta Regional Commission in 2012. It is adjacent to “The Commons,” an area the city has targeted for commercial, retail and residential revitalization, explains Blackburne.
The primary source of funding for Mallalieu Pointe was made possible through the allocation of federal and state housing tax credits from the Georgia Department of Community Affairs. RBC Capital Markets is investing $12.5 million in equity in exchange for those credits. Bank of America provided other critical funding, including the construction loan ($10.7 million) and the permanent long-term debt loan ($525,000).
“Mallalieu Pointe will be a cornerstone for East Point’s Main Street Corridor – Transit Oriented Development plan and stylish entrance to downtown,” Blackburne added.
The development is located near the East Point MARTA public transit station to allow easy access for commuters traveling to downtown Atlanta or to jobs at the nearby Hartsfield-Jackson International Airport.
“The proximity to the MARTA station and the Dick Lane Velodrome will provide Mallalieu Pointe residents and commercial tenants with the unique amenities we seek when searching for development locations,” said Gregg Bayard, principal with nonprofit Parallel Housing, Inc., Woda’s co-developer for Mallalieu Pointe.
The new development will offer one-, two- and three-bedroom contemporary apartment units, plus amenities such as a fitness room, outdoor terrace, computer center, bicycle storage and a community room. Units will have fully-equipped kitchens and washer/dryer hookups.
Affordable rental rates will be available for residents earning 50 and 60 percent of area median income, with a select number of units to be available at market rates. Rents will range from $467 to $775 depending on the unit size and income level of the tenants.
Property for the Mallalieu Pointe was predominantly non-utilized parking lots and buildings previously owned by the East Point First Mallalieu United Methodist Church, a longtime cornerstone in the downtown neighborhood. “We chose the name Mallalieu Pointe to acknowledge what this congregation has done for the community,” said Blackburne.
“We would like to thank the foresight of the church leaders, in addition to the City of East Point Economic Development Department and City Manager for support in the effort to revitalize this location,” notes Blackburne.
LEED (Leadership in Energy and Environmental Design) is the most recognized third-party verification and foremost program for design, construction, maintenance and operations of green buildings, homes and communities. LEED-certified spaces save money for families, businesses and taxpayers; reduce carbon emissions; and contribute to a healthier environment for residents, workers and the larger community. Visit www.usgbc.org for more information.
Parallel Housing, Inc., specializes in sustainable and affordable housing and is based in Athens, GA.
The Woda Group, Inc. and its affiliates are experienced developers, general contractors, and property managers specializing in the design, construction, and management of affordable multi-family apartments, senior communities, and single-family homes. Considered leading experts in the affordable housing industry, the Woda team is known for producing and maintaining high quality affordable housing. Affordable Housing Finance Magazine has ranked The Woda Group, Inc. 7th overall among Affordable Housing Developers and 38th overall among Affordable Housing Owners in their April/May 2016 issue. The Woda Group, Inc. has developed and currently manages over 200 communities and over 10,000 units.
The Woda Group, Inc. has offices in Westerville, Ohio; Annapolis, Maryland; Savannah, Georgia; Shelbyville, Kentucky; Norfolk, Virginia; Indianapolis, Indiana; and Mackinaw City, Michigan. For more information, call (614) 641-2301 or visit www.wodagroup.com.