STRATEGY: Revitalization through New Development
UNITS: 80 - Seniors (62 and Over)
TOTAL DEVELOPMENT COST: $14MM
RESIDENT MIX: 100% Affordable Housing with LIHTC’s and Section 8 Rental Assistance
COMPLETION DATE: August 2016
City Lights was the first phase of Wingate’s master redevelopment plan to revitalize its holdings of just under 750 affordable housing units located in the Old Fourth Ward neighborhood of Atlanta, GA. The Old Fourth Ward has experienced explosive new development of both high-end multi-family and commercial development along the Beltline Corridor over the past decade. This has resulted in overall gentrification and a loss a significant portion of its naturally occurring affordable housing stock in this submarket. Wingate has committed to continue to provide high quality affordable housing options in the area and has undertaken a multi-phased revitalization plan to redevelop its existing housing portfolio, primarily through new construction with some selected substantial renovations of existing buildings.
The first phase of this plan, City Lights Seniors, was completed in the late summer of 2016 and was able to achieve full occupancy within 60 days, reinforcing the overwhelming need for quality affordable housing with this area of the City of Atlanta. This development phase was a true Private Public Partnership (PPP) that utilized financial resources from several financing and municipal agencies including the HUD Atlanta Regional Office, The Georgia Department of Community Affairs, Invest Atlanta and The City of Atlanta.