Posted November 19, 2019…Seniors in the Adair Park neighborhood of southwest Atlanta now have access to a mixed-income rental community with living spaces and amenities to support senior independence. The new property also features advanced energy saving building methods and systems.
Atlanta Mayor Keisha Lance Bottoms joined other City officials and housing leaders on November 15, 2019, to cut the ribbon at Adair Court, the highly-anticipated 91-unit community developed by Woda Cooper Companies, Inc. and Parallel Housing, Inc. The $15 million development is located between the MARTA West End station, Adair Park, and the Atlanta BeltLine Westside Trail.
“The opening of Adair Court is a direct reflection of our commitment to One Atlanta – an affordable, resilient, and One Atlanta Vision,” said Mayor Keisha Lance Bottoms. “Thank you to our partners for your investment in our legacy residents. Every Atlantan deserves to feel the security of having a place to call home. We will continue to build on the progress we have made to preserve and build affordable homes for all residents to live and thrive.”
Mix of affordable and market rate units
Adair Court consists of two buildings with one- and two-bedroom units for seniors aged 55 years and above. Nineteen of the units are reserved for residents earning up to 50% of the area median income (AMI) and 58 for residents earning up to 60% AMI. Fourteen units are offered at market rate with no income restrictions. Seven apartments were designed for those with disabilities.
Along with open concept, spacious living spaces that offer attractive, contemporary finishes, Adair Court has a multipurpose community room, fitness center, computer room, laundry facilities, and covered gazebo that offers grand views of the downtown Atlanta skyline.
Cutting-edge energy efficiency is a key advantage. Adair Court was built to meet the US Green Building Council’s LEED v4 certification standards and the Department of Energy’s Zero Energy Ready Home program. “Adair Court represents a significant leap in the sustainability performance for affordable housing,” said Denis Blackburne, Woda Cooper’s Senior Vice President. “Our senior residents will pay lower monthly utility bills, contributing to the overall affordability of living at Adair Court.”
The location at 806 Murphy Avenue is within walking distance from the MARTA West End station, directly adjacent to Adair Park, as well as in close proximity to many retail stores, banks, restaurants, churches and health care services.
“I am proud to have another Senior Development in District 12,” said Councilmember Joyce M. Sheperd.“This development is truly an example and model of how we can create and sustain affordable housing in the City of Atlanta and along the corridors of the Beltline.”
Result of partnership between private/nonprofit and public entities
The Georgia Department of Community Affairs (GA DCA) is the state agency focused on expanding safe and affordable housing for all of the state’s citizens no matter their community or income. The agency allocated competitive housing tax credits to Adair Court as part of its mission to address downtown Atlanta’s need for affordable senior housing.
“Adair Court is a great example of how the Georgia Department of Community Affairs strives to partner with local leadership and organizations like the Atlanta BeltLine to provide safe and affordable housing that is vital to community,” said GA DCA’s Commissioner Christopher Nunn.
The Atlanta BeltLine is committed to helping residents connect with affordable housing, economic development and a healthy lifestyle. The organization supported Adair Court from its inception. “Adair Court exemplifies our work with our partners to create and preserve affordable homes in our Atlanta BeltLine neighborhoods,” said Clyde Higgs, President and CEO of ABI. “Affordability is key to equity and ensuring that legacy residents can continue to live and thrive in their communities.”
Invest Atlanta facilitated a $500,000 loan as part of the Beltline Affordable Housing Trust Fund (BAHTF). “Adair Court is a prime example of working in partnership to ensure our legacy residents can continue to live in the neighborhoods they cherish,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “BAHTF financing provided through Invest Atlanta will help make sure the property remains affordable for senior residents for many years to come. By doing so, we make the Atlanta Beltline, and the City of Atlanta, more thriving, equitable, and inclusive for all Atlantans.”
The primary investor in the development was Bank of America Merrill Lynch who purchased the housing tax credits in exchange for equity and provided a construction loan. Summit Community Bank provided an additional permanent loan. PCI Design Group served as architect, Woda Construction, Inc. was general contractor, and Southface Institute is sustainability consultant.
“Bank of America Community Development Banking was pleased to provide a $12 million construction loan and $13 million in direct low-income housing tax credit investment to help create this much-needed, mixed-income housing for seniors in the Adair Park Historic District of Atlanta,” said Wendy Stewart, Atlanta market president for Bank of America. “As our 12th development with the Woda Group, Adair Court demonstrates our continued commitment to creating safe, affordable housing and supporting the communities in which we work and live.”
Mr. Blackburne thanked Adair Court supporters, as well as the seniors who will make their homes at the property. “We appreciate the City of Atlanta for supporting and welcoming Adair Court into its vision for sustainable, affordable, and accessible housing for the City’s seniors,” he said. “We look forward to serving our residents for years to come and are proud they have chosen to make their homes at Adair Court.”
About Woda Cooper Companies, Inc. and Parallel Housing, Inc.
Woda Cooper Companies, 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 Cooper team is known for producing and maintaining high quality affordable housing. Affordable Housing Finance ranked the firm 13th overall among Developers and 26th overall among Owners in its April/May 2019 issue. Woda Cooper Companies, Inc. has developed and currently manages more than 300 communities and 12,000 units, operating in 15 states. In addition to its Columbus headquarters, the firm has offices in Savannah, Georgia; Indianapolis, Indiana; Shelbyville, Kentucky; Annapolis, Maryland; Mackinaw City, Michigan; Charlotte, North Carolina; and Norfolk, Virginia. For more information, call (614) 396-3200 or visit www.wodagroup.com
Parallel Housing, Inc. is a nonprofit developer based in Athens, GA, and is recognized for the development of energy efficient and affordable housing.
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