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An Atlanta developer wants to build a 50-unit multifamily project on North Avenue near Ponce City Market and the Atlanta Beltline.
AAI Development recently filed plans with the city to build a 7-story building with 50 units at 495 North Ave., next door to the Novel O4W apartment complex. The site is also adjacent to an Amoco gas station and convenience store at the intersection of Boulevard and North Avenue. A single-family residence occupied by a security company on the property would be razed for the new building.
The developer notes on its website that the project, set to be built next year, is less than a 5-minute walk from Ponce City Market. Ponce City Market stands along the Atlanta Beltline’s popular Eastside Trail and is near the Historic Fourth Ward Park.
The application says the units would be broken up into 13 studio units, 18 one-bedroom units, 13 two-bedroom units and six three-bedroom units. To meet Beltline Overlay zoning requirements, the developer says it would rent 15% of the units (or nine units) for those making at or below 80% of the metro Atlanta area median income.
The AMI for metro Atlanta is $96,400, according to the federal government. A single person making $54,000 is making 80% AMI.
Affordable rents would range between $1,350 for a studio, nearly $1,500 for a one-bedroom and $2,005 for a two-bedroom, according to the application.
Market rate rents would go for $2,300 for a studio to $5,200 for a three-bedroom unit.
The project is almost directly across the street of a planned 195-unit apartment building.
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