The Atlanta Beltline got a discount on a property it recently purchased from Wells Fargo and may turn the land into affordable housing, the agency announced this week.
The Beltline purchased nearly three acres at 579 Garson Dr. — just north of I-85 and west of Piedmont Road in the Lindbergh area — for $900,000. That’s “well below market rate,” Atlanta Beltline, Inc. said in a press release; the sale was a partial donation from Wells Fargo.
The land is located near Peachtree Creek and the future Beltline path in the area. Part of the property could be used for a section of Beltline to connect the main loop to the Lindbergh MARTA station and the PATH 400 trail.
Credit: Courtesy/Atlanta Beltline Inc.
Credit: Courtesy/Atlanta Beltline Inc.
The Beltline is also eyeing the land for future affordable housing. The agency has not announced specifics for what that might look like or how many units will be constructed; it will likely select a developer to build on the land, which is currently vacant.
“The purchase of the Garson property is a huge step for the Atlanta Beltline project in diversifying land acquisitions to bring greater affordability to neighborhoods all around the Beltline, including Buckhead,” Beltline CEO Clyde Higgs said in a statement.
The city and Beltline typically define “affordable” housing as homes that are affordable to people making 60% to 80% of the area median income, which is about $82,700 for a family of four. An affordable one-bedroom apartment should cost between $930 and $1,240 in monthly rent, according to the city’s latest guidelines, though housing advocates have pushed for those limits to be lower.
The Lindbergh area, located along the southeastern edge of Buckhead, has seen a surge in new housing in recent years, largely consisting of luxury apartment complexes. The average rent for a one-bedroom apartment in the Lindbergh-Morosgo neighborhood is just under $1,600, according to Apartment Guide.
The Beltline’s recent purchase in the area “will help reduce the burden of housing costs and increase access to safe, affordable places to live, especially along the Beltline, a key asset for our city,” said Wells Fargo Regional President Mike Donnelly, who also served on the board of the Atlanta Beltline Partnership.
