By Sean Keenan
After bailing out a Westside co-op community threatened with foreclosure, a public-private development partnership aims to restore the complex’s 200 residences to the tune of $40 million — and the vast majority of them will remain affordable.
In 2017, the London Townhomes complex, nestled just inside the Perimeter’s westernmost reaches, seemed bound for foreclosure.
But now, thanks to a team comprised of Atlanta Housing, Invest Atlanta and developer The Benoit Group, those homes, many of which are occupied, are slated to be preserved and primped. Project officials announced that the team had closed on sale of the community on September 15.
“Without this deal, almost 200 affordable housing units would have undoubtedly been lost and redeveloped as market-rate apartments,” AH CEO Eugene Jones said in a prepared statement.
Once the renovations are complete, the development is expected to provide 200 homes, 180 of which would be priced as affordable for households earning 60 percent of the area median income (AMI) or less
While the upgrade is underway, the current occupants will be relocated to other Benoit Group residences, according to an AH spokesperson. Resident relocation kicked off at the beginning of the month.
Additionally, per the release: “Thanks to Atlanta Housing’s 15-year HomeFlex commitment, these returning residents’ rents may actually decrease and are guaranteed not to exceed 30 percent of their monthly income.”
The project also calls for new amenities, such as outdoor hangouts, a new clubhouse with a media center and workout facilities and a clubroom.
(Header image, via Atlanta Housing: A rendering of the proposed overhaul)