A new 138-unit mixed-use project has been accepted for a $2 million grant.
According to What Now Atlanta, the Westside TAD Ascension Fund has approved the tax allocation district grant for The Proctor. The development is planned for Atlanta’s English Avenue neighborhood.
Atlanta-based Windsor Stevens is behind the scheduled project. The owner and developer aims to begin building in July or August, Windsor Stevens Managing Partner Rod Mullice told the website. It will take approximately two years to complete. Development is budgeted at $39.4 million, an Invest Atlanta project fact sheet obtained by What Now Atlanta said.
Initially, The Proctor, which will be constructed at the vacant 703 Lindsay St. NW lot, was a condominium complex. Now, in addition to primarily housing apartments, it will have six live-work units meant to enhance entrepreneurial opportunities. Two dozen two-bedroom units, 87 one-bedrooms and 21 studios will be included. Additionally, 14 units will be reserved for homes at 50% or under the local average median income. Another 18 homes will be saved for homes at 80% or under the average median income.
Credit: Courtesy/Windsor Stevens
Credit: Courtesy/Windsor Stevens
The fact sheet said rent will range from $1,455 to $2,214 at market value. Meanwhile, rates at 50% average median income will be $724-$991. Those at 80% average median income will be $1,192 to $1,532.
Not far from The Proctor will be a new 90-acre Microsoft campus at the Quarry Yards, a planned mixed-use development.
“We at Windsor Stevens believe strongly that entrepreneurship is a powerful weapon in closing the wealth gap in Atlanta,” Rod Mullice, managing partner of Windsor Stevens, said in a statement to The Atlanta Journal-Constitution in April. “The Proctor is designed to provide the kind of affordable investments that will give neighborhood residents a stake in the growth of the Westside.”