Up to $370M in bonds approved for Atlanta housing units for teachers, seniors
This story was updated at 3:43 p.m.
The Development Authority of Fulton County approved up to $370 million in federally tax-exempt bonds on Aug. 27 for the construction of the “Teachers Village,” a high-rise, mixed-use housing residence for teachers, health care professionals and seniors.
Set to open in 2027, the project will span more than 400,000 square feet and will be located at 98 Cone St. NW in downtown Atlanta near Centennial Olympic Park, according to its New Jersey-based developer RBH Group. The group has also created Teachers Village units in Newark, New Jersey, and Hartford, Connecticut.
The Fairlie-Poplar development will include around 470 housing units, with units reserved for people making less than or around area median income, as well as seniors.
“We are very pleased to be moving ahead with the Teachers Village Atlanta project to supply middle income housing to teachers that is workforce and affordable, and to seniors with a 15% discount,” RBH Group spokesperson Lonnie Soury wrote in a statement to WABE.
The residence will reserve 40 units for people who make less than 80% of the area median income, or about $60,240 for one person and $86,000 for a household of four people, according to Soury. The development will also have more than 200 workforce housing units for those who make up to 120% of the area median income, or $90,000 for one person and $120,000 for a household of four people.
The remaining 227 units will be senior housing, discounted 15% from market rate.
The development will also feature 26,000 square feet of retail space and 9,000 square feet for amenities, according to a bond resolution fact sheet and RBH Group. Residents will also have access to learning programs, wellness services, social welfare services and parking.
According to the development authority, the project will create around 91 full-time jobs and 1,200 construction jobs.
In 2021, Invest Atlanta approved a $4 million Tax Allocation District grant and $26.36 million in tax-exempt bond funding for the Teachers Village.
Construction on the project will begin in 2025, according to Soury.
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