REAL ESTATE
Affordable senior housing planned at
Assembly development
By Cathy Cobbs
A 100-unit affordable senior apartment
community will break ground soon in
Doraville on the site of the former General
Motors Plant.
A statement released by real estate
developer The Integral Group said
that McShane Construction Company
has been selected to build Veranda at
Assembly, which will feature one-and-
two-bedroom units on a 2.9-acre tract of
land. The four-story building will offer
about 3,000 square feet of amenity space,
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including a bistro, fitness room, yoga
room, and a rooftop terrace.
“Were pleased to begin our fifth job
in Georgia with The Integral Group,”
McShane Vice President Brian Wood
said. “Veranda at Assembly will provide
an affordable option for seniors looking to
maintain their independence, making it a
great addition to Atlanta.”
The statement didn’t elaborate on the
rental rates for the units, but a market
feasibility analysis prepared by Real
Property Research Group for Integral in
2019 said 30 of the apartments would
be available for households earning up
to 30% of the area median income, 25
for households earning 60% of the area
median income, and 25 for households
earning 80% of the area median income.
The remaining 20 units would be rented
at market value. The monthly costs would
range from $415 for the lowest tier to
$1,150 for the market-value apartments.
The entire complex will be restricted to
renters 55 years or older, according to the
market analysis.
Units will range from 692 square feet
for a one-bedroom to 912 square feet for a
two-bedroom.
Construction is expected to be
completed in June 2024. The report said
Veranda at Assembly will be financed in
part by low-income housing tax credits
allocated by the Georgia Department of
Community Affairs.
The Assembly, according to the
analysis, “is zoned for more than 10
million total square feet of office,
residential, retail and studio space with
approximately 10 acres committed to
public parks, green spaces, and bike/
walking trails.”
Currently, Third Rail Studios and the
Simmons SERTA corporate headquarters
are anchor tenants in the complex. Future
development plans include a movie
theater, a brewery, a hotel, owner-occupied
townhomes, and retail space.
The GM plant closed in 2008 after
more than 60 years of operation. The land
was purchased by the Integral Group in
2014.
McShane Construction Company, a
female-owned company, was established in
1984 and is headquartered in Rosemont,
Ill. with regional offices in Auburn, Ala.,
Irvine, Calif., Madison, Wis., Nashville,
Tenn., and Phoenix, Ariz.
City, Community Foundation
partner on affordable housing
By Dyana Bagby
The city of Atlanta and the nonprofit
philanthropy organization Community
Foundation for Greater Atlanta are
partnering to invest a historic $200 million
in affordable housing.
The announcement was made May 2
by Mayor Andre Dickens and Community
Foundation for Greater Atlanta President
and CEO Frank Fernandez. The funding
will go toward the city’s goal of preserving
and building 20,000 affordable housing
units by 2026.
The Community Foundation has
received a $100 million commitment
from the Robert W. Woodruff Foundation
and Joseph B. Whitehead Foundation.
Dickens and the City Council are also
working together to approve a $100
million affordable housing bond. Together,
the funding will be used to ensure deeper,
long-term affordability for communities
with a higher risk of displacement,
according to officials.
“Affordable housing has been
central in my administration and [this]
announcement is a game-changer in our
ability to have projects keep pace with a
rapidly evolving market,” Dickens said.
The investment would allow the city
to focus on: expediting the development
of affordable housing on publicly-owned
land; preserving affordability where it
already exists with infusions of subsidy to
provide safe, dignified and high-quality
communities; and securing the additional
funding needed to get shovel-ready
projects under construction.
“In every city, the trends have been
moving in the wrong direction for
entirely too long and too many people are
struggling,” Community Foundation of
Greater Atlanta President and CEO Frank
Fernandez said.
“But we have a window of time
particularly in the next three years to
change the trajectory in Atlanta,” he said.
“That is why we are moving with urgency
to bring together all our partners, to have
all hands on deck, and make a lasting
change in housing.”
6 | JUNE 2023
RoughDraftAtlanta.com
