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Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization,...
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![Page 1: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/1.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 1
// Responsible Reuse: Promoting Sustainable Placemaking
James AlexanderMay 15, 2014
![Page 2: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/2.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 2
// Outline
• Atlanta BeltLine introduction
• Repurposing land with infrastructure
• Creating a framework for redevelopment
• Lofts at Reynoldstown Crossing
![Page 3: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/3.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 3
// Atlanta Railroad Legacy
![Page 4: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/4.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 4
// Location
![Page 5: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/5.jpg)
// Evolution
![Page 6: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/6.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 6
// Components
Trails33 miles
Affordable & Workforce Housing5,600 Units
Historic Preservation Public Art &Streetscapes
Parks1300 + new acres
Jobs & Economic Development30k jobs
Environmental Clean-up 1100 + acres
Transit 22-mile loop
![Page 7: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/7.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 7
// Financing
Total Program = $4,393 billion
$ values in millions
![Page 8: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/8.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 8
// Progress
• Parks: 3 new parks, over 200 acres acquired
• Trails: Over 7 miles; 2 more in development
• Transit: Completed Tier 1 EIS
• Affordable Housing: 500+ units
• Economic Development: 3 to 1 ROI, 9,000+ units.
![Page 9: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/9.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 9
// ROI - Eastside Trail
• $13 million post purchase project cost (design + construction) with $5 million contribution from private donors
• $775 million in new private development within half a mile of this segment of the Atlanta BeltLine
![Page 10: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/10.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 10
// Eastside Trail – Before
Photo credit: Ryan Gravel
![Page 11: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/11.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 11
// Eastside Trail – After
Photo credit: Ryan Gravel
![Page 12: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/12.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 12
// Eastside Trail – Before Bridge (1906) at Ponce de Leon
Photo credit: Ryan Gravel
![Page 13: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/13.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 13
// Eastside Trail – AfterBridge (1906) at Ponce de Leon
Photo credit: Ryan Gravel
![Page 14: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/14.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 14
// Eastside Trail – Before
Photo credit: Ryan Gravel
![Page 15: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/15.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 15
// Eastside Trail – After
Photo credit: Ryan Gravel
![Page 16: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/16.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 16
// ROI - Historic Fourth Ward Park
• $50 million total project cost with $17.5 million contribution from private donors
• $400 million in new private development within a block of park
![Page 17: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/17.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 17
// Historic Fourth Ward Park – Before
![Page 18: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/18.jpg)
04/13/23 Atlanta BeltLine // © 2014 Page 18
// Historic Fourth Ward Park – After
![Page 19: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/19.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 19
// Land Use and Zoning
• 10 Subarea Master Plans• Land use• Transportation• Parks
• Proactive rezoning
![Page 20: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/20.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 20
// Affordable Workforce Housing
Origins
•Concerns about social impacts and gentrification
•Non profit developers and policy groups advocated to City Council for an Affordable Housing Trust Fund
•Council included Trust Fund in TIF/TAD creation legislation
Legislative Framework
•15% of each TAD issue dedicated to Trust Fund
•5,600 unit goal over 25 years
•BeltLine Affordable Housing Advisory Board
![Page 21: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/21.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 21
// Affordable Workforce Housing
Progress
•Capitalized and committed an $8.8M Trust Fund
•Downpayment Assistance
• 85 closings
•Incentives
• 165 units committed funding
•Acquisition
• Acquired 30 units at Lofts at Reynoldstown Crossing.
•Land Trust Collaborative formed
![Page 22: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/22.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 22
// Lofts at Reynoldstown Crossing
• Previously failed condominium development.
• ABI bought out of receivership
• Completed construction and remarketed property to affordable homebuyers
• Placed all units under contract in one day through a “drawing.”
• Three Atlanta Land Trust Collaborative units for first responders and teachers
• 1.5 acres of land for 2nd phase
![Page 23: Housing Opportunity 2014 - Responsible Reuse: Promoting Sustainable Placemaking and Revitalization, James Alexander](https://reader038.fdocuments.in/reader038/viewer/2022110120/5583f736d8b42aa82c8b47f6/html5/thumbnails/23.jpg)
04/13/23 Confidential // Atlanta BeltLine // © 2012 Page 23
// Lofts at Reynoldstown Crossing
Challenges:
•Foreclosures are black boxes
•Former FDIC owned property
•Qualification and closing
•HOA turnover
•Timeframe
Numbers:
•TDC = $4.4M
•Average unit price of $150K/unit
• $64K DPA; $86K 1st Mortgage
• Monthly payment less than $1,000 per month
•$3M acquisition; $700K construction; $300K commissions
•$650K invested in surrounding land