Mayor Keisha Lance Bottoms announced the Invest Atlanta Board of Directors approved funding to support the construction of Teachers Village-Atlanta, a proposed mixed-use development with workforce housing marketed to teachers who work in the city of Atlanta.
The $4 million Tax Allocation District grant and a $26.36 million in tax-exempt bond financing approved by the board will specifically fund the multi-family units for the teachers portion of the project.
“Improving education pathways to help ensure all Atlantans can be successful is a pillar of our Administration’s One Atlanta Economic Mobility Plan,” Bottoms said. “When teachers live near their schools, they become part of the community and play a greater role in the lives of their students. I am very pleased to see the City of Atlanta and our partners come together in support of this development so that more Atlanta teachers can afford to live in our city near the communities they serve.”
Located in the Fairlie-Poplar district in downtown Atlanta, the 438-unit project to be developed by RBH Group, LLC is the first of its kind in Georgia. 229 of the affordable units will be marketed to teachers, educators, and other school employees in the city of Atlanta.
The success of RBH Group’s Teachers Village development in Newark, N.J., showcased the need for innovative workforce housing solutions around the country, including Atlanta.
“We are thrilled that Invest Atlanta has approved the public financing for our Teachers Village-Atlanta project,” said Founder and CEO of RBH Group, Ron Beit. “The project will bring jobs, a combination of affordable, workforce, and market rate housing, and the social benefits of our new, innovative intergenerational living concept to downtown Atlanta.”
Among the affordable units marketed to teachers, 40 percent will be rented to tenants earning no more than 60 percent of the area median income.
An additional 20 percent of the units will be rented to tenants earning no more than 80 percent of the area median income. The remaining units will be rented at market rates.
Teachers Village Atlanta will be a part of a larger 31-story, 400,000-square-foot development that will also include 216 units of senior housing, including studio units for memory care and assisted living and units for independent living.
“To make Atlanta a more equitable city, we need to not only increase high-quality affordable housing but also make sure teachers and other professionals who serve the community have access to it,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta.
“The Teachers Village will create an attractive living option in a desirable area for teachers who wish to be in the city near their workplace and transit systems. It also provides a way for us to attract more good teachers to Atlanta who wish to live in this unique, supportive community.”
The development will also feature 25,752 square feet of retail, 3,000 square feet of amenity space including classrooms, laundry, gym and lounge spaces and a 3,000-square-foot private rooftop area for residents.
“Having admired Ron Beit’s work for years, I couldn’t be more proud to be a small part of this transformative development,” said Clark Seydel, VP of Transaction Sciences at Transwestern. “The overwhelming support for this project from the neighborhood, Central Atlanta Progress, Metro Atlanta Chamber, Councilmember Amir Farouki and our team at Transwestern is a true testament to our city’s passion for enriching the lives of educators and seniors.”
The project has received widespread support among private and public partners, including Invest Atlanta board member and District 3 representative to the Atlanta Public Schools Board of Education, Michelle Olympiadis; Atlanta Public Schools Superintendent, Dr. Lisa Herring; Atlanta City Councilmember Amir Farokhi; A.J. Robinson, President of Central Atlanta Progress; Rutherford and Clark Seydel; Rebecca Rice, Chairperson of NPU-M; Jon Toppen of Tapestry Development Group, Inc.; and the Metro Atlanta Chamber of Commerce.
“This is especially rewarding to move ahead with Teachers Village Atlanta, which will bring teachers, seniors and staff together to live and work in an exciting development in the heart of downtown Atlanta,” said Rutherford Seydel.
“Ted Turner’s family is especially pleased to support this project celebrating teachers, located on Ted Turner Boulevard, blocks from mass transit, in the heart of the entertainment district. We waited to find the right developer and the right project, and we are full of joy that we have come together with Ron Beit and RBH Group to help create a 24-hour community. I am very pleased to be working with my brother Clark on this project.”