Local governments have tried to preserve some properties for affordable housing, so the new developments don’t chase out longtime residents. The city of Atlanta last year bought two industrial sites along the southwestern segment of the Beltline.
Last week, Wall Street investment bank Morgan Stanley and a Chicago housing investor pledged $100 million to preserve affordable housing at sites located near MARTA rail stations. Toll Brothers did not say if the Edwards project will include affordable units.
Toll Brothers estimates the project would be completed in 2023, according to documents filed with the state Department of Community Affairs. It did not provide an estimate of when construction would begin.
Schwan’s Company, based in Marshall, Minnesota, has owned the facility since 2001 when it bought Edwards Fine Foods. The plant opened in 1963.