Plans for a new 31-story housing development in downtown Atlanta are forging ahead, targeting educators, school employees, and seniors. Dubbed "Teachers Village Atlanta," the project, initiated by RBH Group based in New Jersey, is slated to offer over 200 affordable living units, as reported by FOX 5 Atlanta. Amenities are set to include classroom space, laundry facilities, a gym, a lounge, and an exclusive rooftop area.
Facilitated under the approval of Fulton County, Teachers Village Atlanta is part of an affordable housing push – one welcomed by Mayor Keisha Lance Bottoms since 2021 after seeing the success of a similar effort in Chicago. Nevertheless, touting a completion date around 2027, residents must wait for these facilities to materialize on approach, as noted by FOX 5 Atlanta.
In a step toward actualizing the development, the Fulton County issuance of up to $370 million in federally tax-exempt bonds has been detailed in a bond resolution fact sheet dated August 27. With 426 residences to be constructed, the reimagined 98 Cone Street is expected to house a significant portion of Atlanta's workforce, particularly seniors, educators, and health care professionals. The site will also feature a blend of retail and amenity spaces, according to information obtained by Atlanta Business Chronicle.
The pressure of finding affordable housing in downtown Atlanta carries on, with housing cost burdens weighing particularly heavy on the city’s educators and school staff. Despite multifamily construction driving rental costs down earlier this year, the median rent in the 30303 ZIP code still stands at $1,875; a price point stretching beyond the means of teachers landing their first job in the Atlanta Public Schools system, earning a starting salary of $61,816. As per the 30% rule for housing affordability, their monthly rental costs should not exceed $1,546, hinting the consequences of this imbalance at an opportunity for comfortable living, as Atlanta Business Chronicle reports.
The reverberations of this development are expected to ripple beyond the direct beneficiaries, with the project projected to create around 1,200 temporary construction jobs and 91 full-time positions upon completion. While representative attorneys have not disclosed further details on the development's timeline or financial arrangements, the economic impact paints a picture of a revitalized sector within the heart of Atlanta.
