Big Bethel to join Benoit/Russell on $120 million Auburn Ave. development (Atlanta: 2015, apartment)

[Airforceguy]

If done right, this project could be a game changer for the area...

Historic Big Bethel AME Church on Auburn Avenue in downtown Atlanta is launching a $120 million redevelopment project in partnership with the Benoit Group and Russell New Urban – two Atlanta-based firms.
The project – to be built in four phases over four years – will include the rehabilitation of Bethel Towers, a new parking deck with up to 850 spaces, the development of a mixed-use 1,000-bed student housing complex with 30,000 square feet of retail, and the refurbishment of the church’s administrative offices along Auburn Avenue.The first phase will involve a complete renovation of Bethel Towers – a 180-unit residential tower that was built in 1971. All residents will have to be relocate during the reconstruction. Benoit said the decision to renovate the existing building rather than to demolish it and start anew will allow Big Bethel to provide affordable housing for its residents.
The first phase will cost between $15 million and $18 million, Benoit said.
The second phase is a parking deck in the center of the block to house between 800 and 850 cars, The deck will be available to the development and the general public. Benoit said the garage will cost between $15 million and $20 million.
The centerpiece of the development will be the third phase – a major residential development that will target students at Georgia State University.
The design envisions a pedestrian environment to encourage people to stroll along the project’s streets and hop on the Atlanta Streetcar that connects Ebenezer Baptist Church/King Center with Centennial Olympic Park.

That mixed-use phase will include about 30,000 square feet of retail that will be developed with Paces Properties. That phase is expected to cost between $60 million and $70 million.
The final phase will focus on four lots along the Auburn Avenue corridor for development of the church’s administrative space, ministry activity and additional retail. That includes a vacant lot as well as existing commercial space being used by the church.

http://www.bizjournals.com/atlanta/n...0-million.html

[cqholt]

The joining of elderly, churchgoers, and college students is a TRUE mixing of uses and shows great diversity. It is good to see churches, Druid Hills Baptist being another, who are developing their underused property to create money for them and density for the city. I know that at the end of the day, these projects will always be about money.

[cqholt]

Big Bethel redevelopment moving forward

The project will take over four years and will consist of four phases, which includes the rehabilitation of the 43-year-old Bethel Towers and the construction of an 850-space parking deck. A 1,000-bed student-housing complex with 30,000 square feet of retail will also be created, and church’s administrative office along Auburn Avenue will also be refurbished, according to the Atlanta Business Chronicle.

Big Bethel Church embarks on a four phase redevelopment mission - The Signal

[tikigod311]

Love some infill east of the Connector. Dare I say the area could actually benefit from a parking deck?

I apologize in advance

[cqholt]

Originally Posted by tikigod311

Love some infill east of the Connector. Dare I say the area could actually benefit from a parking deck?

I apologize in advance

Another surface lot bites the dust!

[arjay57]

Originally Posted by cqholt

The joining of elderly, churchgoers, and college students is a TRUE mixing of uses and shows great diversity. It is good to see churches, Druid Hills Baptist being another, who are developing their underused property to create money for them and density for the city. I know that at the end of the day, these projects will always be about money.

A lot of these churches have extremely valuable property, which they are sitting on tax free while the value goes through the roof.

[cqholt]

Originally Posted by arjay57

A lot of these churches have extremely valuable property, which they are sitting on tax free while the value goes through the roof.

Should we ask them to fund MARTA too? But in all honesty, churches should pay property taxes.

[arjay57]

Originally Posted by cqholt

Should we ask them to fund MARTA too?

How about contributing 10% of the tax-free appreciation they have enjoyed when the property is sold?

That could help the little man out quite a bit.

[cqholt]

Invest Atlanta is scheduled to vote on a $14M tax-exempt bond for the redevelopment of Big Bethel Tower, a 180-unit apartment tower off Auburn Avenue, just a few blocks north of Grady Memorial Hospital. The bond will cover development and construction costs for the 21-month development period, and would be paid off with a Housing and Urban Development permanent loan once the project is stabilized, according to Invest Atlanta documents. In exchange, the developer, Atlanta's The Benoit Group, will set rents at the units at 60% of the area median income. At that rate, one-bedroom units will rent for $759/month and two-bedrooms at $912/month, according to Invest Atlanta documents. The current average Downtown Atlanta rental rate is $1.66/SF, according to a recent Haddow & Co. report, which would allow those units to fetch $1K to $1,200/month.

https://www.bisnow.com/atlanta/news/...wer-redo-88451