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Old 11-25-2013, 11:19 AM
 
539 posts, read 747,937 times
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As an Atlanta Metro resident that loves Atl development, I definitely throw my support behind the massive redevelopment project that is the beltline.. but being pragmatic individual that I am, have some concerns. Will there REALLY be affordable "live, work, play" options for all income brackets within the city after the project's completion? Correct me if I'm wrong, but the only thing I've seen is prices skyrocket at even the mere mention of project's existence in an area. Fast forward 20 years from now.. will inner city Atlanta become a playground for the rich and famous while middle and lower class Atlantians are priced out? Idk.. thoughts?
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Old 11-25-2013, 11:27 AM
 
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Quote:
Originally Posted by Listennow32 View Post
As an Atlanta Metro resident that loves Atl development, I definitely throw my support behind the massive redevelopment project that is the beltline.. but being pragmatic individual that I am, have some concerns. Will there REALLY be affordable "live, work, play" options for all income brackets within the city after the project's completion? Correct me if I'm wrong, but the only thing I've seen is prices skyrocket at even the mere mention of project's existence in an area. Fast forward 20 years from now.. will inner city Atlanta become a playground for the rich and famous while middle and lower class Atlantians are priced out? Idk.. thoughts?
There will be plenty of affordable options points West and South of the Beltline
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Old 11-25-2013, 11:58 AM
 
Location: City of Atlanta
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I think the first and only real estate development completed by the Beltline was affordable housing for teachers, police officers, firefighters, and other similar public professions. I don't know the name of the building, but it is right on the Beltline trail in Reynoldstown, on Memorial. While the condo's were open to anybody, they gave massive discounts and targeted people to buy in those professions I just listed.

I THINK the Beltline real estate developments will all have some type of affordable housing similar to what I described above, but the Beltline (the nonprofit) can't control what other developments go up on private land that lines the trail (think all the new apartments in O4W). Aside from that one apartment building, I don't think that the Beltline has actually done much else in real estate development in the form of condo's or apartments at this point.

As you can see, I said the word "think" a lot, so I'm not entirely positive, but I'm pretty sure that what I said is correct. If anybody can back that up, that would be great
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Old 11-25-2013, 12:29 PM
 
30,394 posts, read 28,558,830 times
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Originally Posted by gerrythesnake View Post
There will be plenty of affordable options points West and South of the Beltline
They should do a ton of affordable housing in Glenwood instead of that Walmart that was proposed. It wouldn't kill the NE quadrant to get some genuine affordable housing too.

As I understand it, PCM is getting a $2 million grant from the Beltline for affordable housing, yet a 1BR/Den unit will still go for $1,400 a month at the "affordable" rate. That's about $150 less than the regular rate.

With the stores also trending to gourmet bakeries and the like, you have to wonder how affordable that really is.

Remember, too, that TADs are only authorized in "blighted" areas. Does that really encompass what's been going on in the NE quadrant?
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Old 11-25-2013, 12:36 PM
 
Location: St Simons Island, GA
23,120 posts, read 37,191,131 times
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Quote:
Originally Posted by Listennow32 View Post
As an Atlanta Metro resident that loves Atl development, I definitely throw my support behind the massive redevelopment project that is the beltline.. but being pragmatic individual that I am, have some concerns. Will there REALLY be affordable "live, work, play" options for all income brackets within the city after the project's completion? Correct me if I'm wrong, but the only thing I've seen is prices skyrocket at even the mere mention of project's existence in an area. Fast forward 20 years from now.. will inner city Atlanta become a playground for the rich and famous while middle and lower class Atlantians are priced out? Idk.. thoughts?
Sometimes it works this way. How many other cities does this hold true for?
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Old 11-25-2013, 12:37 PM
 
Location: Decatur, GA
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$1400/month is the discounted rate? Half the places I've looked at around New York City walking distance from transit aren't even that much. Heck, there's one place I'm looking at in Bayonne, NJ that's $1375 for a 2 bedroom.
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Old 11-25-2013, 12:44 PM
 
Location: Inman Park (Atlanta, GA)
21,871 posts, read 13,622,192 times
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Quote:
Originally Posted by CCATL View Post
I think the first and only real estate development completed by the Beltline was affordable housing for teachers, police officers, firefighters, and other similar public professions. I don't know the name of the building, but it is right on the Beltline trail in Reynoldstown, on Memorial. While the condo's were open to anybody, they gave massive discounts and targeted people to buy in those professions I just listed.
That is correct. It was the Lofts at Reynoldstown Crossing. Last Chance to Live at Lofts at Reynoldstown Crossing! // Atlanta BeltLine

The Beltline offered downpayment assistance for first time home buyers and a higher amount for first responders and teachers. My client was a first time home buyer and made under a certain amount and qualified. He attended a full day home owner's seminar. He was complaining about the length of the class. I told him if he could make $8K an hour doing something else then he was free to do so. If not, he needed to shut up and take the class The Beltline also has first right of refusal for homeowners selling so they can keep the project going. If homeowners live there for a certain length of time, the downpayment assistance is forgiven!

The Tax Allocation District (TAD) has also helped first time home buyers and areas that have been hit hard by foreclosures and short sales in the "not as desirable" areas. I had another client looking into the TAD downpayment assistance but I found her a single family home in East Atlanta that worked out for her better.
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Old 11-25-2013, 12:44 PM
 
2,167 posts, read 2,290,197 times
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The areas near the completed section of the Eastside Trail were not exactly "afforadable" to begin with. If you had a tight housing budget, Virginia Highlands, Inman Park, and Old Fourth Ward were probably not topping your list to begin with.
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Old 11-25-2013, 12:54 PM
 
687 posts, read 579,976 times
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Originally Posted by MattCW View Post
$1400/month is the discounted rate? Half the places I've looked at around New York City walking distance from transit aren't even that much. Heck, there's one place I'm looking at in Bayonne, NJ that's $1375 for a 2 bedroom.
Thats an unfair comparison surely....Bayonne is maybe 12 miles from Manhattan? PCM is a mile from Midtown.

How much is a (one bed) property similar to those found in PCM which is located on Manhattan? Must be over $2.5k a month at a guess.
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Old 11-25-2013, 12:59 PM
 
30,394 posts, read 28,558,830 times
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Originally Posted by red92s View Post
The areas near the completed section of the Eastside Trail were not exactly "afforadable" to begin with. If you had a tight housing budget, Virginia Highlands, Inman Park, and Old Fourth Ward were probably not topping your list to begin with.
You have to wonder how this section of the Beltline qualified as "blighted."
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