The release said the $150 million development plan calls for about 700 residences and retail space.
The site is considered a key anchor for potential renewal in neighborhoods in the shadow of the $1.5 billion Mercedes-Benz Stadium, which is set to open next year. The property was once seen as a potential site for the new stadium.
The announcement came the same day a fair housing coalition, the Housing Justice League, held a hearing at Atlanta City Hall calling for changes in zoning, new renters’ rights codes, increased wages and other policies help relieve the crunch on affordable housing in the city.
Housing affordability has become an issue in the city amid a rush of new luxury rental development. The housing league released a report recently from Georgia Tech researchers that found the city has lost 5 percent of its affordable units every year since 2012. Virtually all new apartments since that time have been considered luxury, the report said.
The report further stated that more than half of all renters in the city limits pay greater than 30 percent of their income on housing, a threshold that many housing advocates say is a sign of stress if exceeded.
Mayor Kasim Reed has said affordable housing is a priority, and has said he wants to avoid the affordable housing crunch seen in cities like San Francisco and New York.