A 34-story tower in Downtown Atlanta that will offer rent-capped and subsidized housing to teachers and seniors got approval from the Development Authority of Fulton County to issue up to $370 million in federally tax-exempt bonds.
According to a report in the Atlanta Journal-Constitution, New Jersey-based RBH Group will build the tower at 98 Cone St, replacing a parking lot and deck near Centennial Olympicc Park.
RBH has built similar Teachers Village projects in Newark, NJ and Hartford, CT.
The building will have 430 units, including studios and two-bedroom apartments with 203 units reserved as workforce housing at monthly rents considered affordable for people at or less than 120% of the area median income — about $90,360 for an individual or $129,000 for a household of four. Forty of those units will be reserved for people who make less than 80% of the AMI — about $60,240 for an individual or $86,000 for a household of four.
The remaining 227 units will be reserved for senior housing, with a 15% discount from market rate, according to the AJC report.
The nearly 458,000-square-foot development will include ground-floor retail and a 200+ space parking garage.
