A new development project is arriving in Midtown Atlanta, occupying the space that is the current Fire Station 15. The nearly 300-unit residential building will replace the 1986 fire station. The project is backed by an $85 million tax-exempt bond.
Highlights
- A residential tower is soon to take over the Midtown Fire Station 15.
- The plan is to build nearly 300 apartments in the building.
- A modernized fire station will occupy the ground floor of the building.
Residential Tower to Build Atop Current Midtown Fire Station
Invest Atlanta, the city development authority, has approved the mixed-use development on the Midtown Fire Station 15. As public-private partnerships become more common in Atlanta, this project follows a growing trend in city development.
The project will feature 282 apartments built over a modernized fire station on the ground floor. Invest Atlanta has approved $85 million in tax-exempt bonds to finance the project. The project will replace Midtown’s Fire Station 15, which has been in service since 1986.
As Midtown’s skyline grows with new high-rise projects, the development will add housing while maintaining emergency services on site. The 1986 fire station will be replaced by a modernized one in this project. The project is expected to enhance emergency service facilities and increase housing availability in the neighborhood.
Project Details
The project features approximately 26 stories with parking spaces and a fire station. The property will include 282 multifamily units, satisfying demand for housing in the area. Of the 282 units, 86 will be reserved as affordable housing units while 196 will be at market price.
Atlanta Urban Development Corporation (AUDC) and Midtown Community Heroes Housing will develop the project. The demand for housing in the area is high, with many projects developing the area. Midtown has seen significant growth driven by the Southeast’s strong multifamily housing market.
Development Schedule and Prices
The estimated amount required for the completion of the project is $155 million. Construction is expected to take 24 months, with completion anticipated in 2028. With the growing market, the project delivery will ensure some relief in housing in the area.
Meanwhile, the 86 units reserved under affordable housing are split to satisfy various income groups. For those earning 50% or less of the area’s median income, the project reserves 57 units. Those earning 80% or less of the area’s median have 29 affordable housing units reserved.
Replacing the existing fire station, the development will incorporate a modern facility alongside residential units to match the surrounding high-rises. With high-rise buildings surrounding the site, this project is ready to transform the neighborhood. The project comes amid a growing housing market in Midtown Atlanta.
I wonder what they will consider to be an affordable price.