STRATEGY: Revitalization through New Development
UNITS: 96 - Families
TOTAL DEVELOPMENT COST: $25MM
RESIDENT MIX: 100% Affordable Housing with LIHTC’s and Section 8 Rental Assistance
COMPLETION DATE: October 2019
Station 464 was the second 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.
Station 464 was completed in the fall of 2019 and like City Lights Seniors was able to lease-up with very high velocity to achieve full occupancy within 60 days, continuing to reflect the overwhelming need for quality affordable housing with this area of the City of Atlanta. This development phase continued in the vein of 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.