As we noted a few weeks ago, The Atlanta Beltline, Inc. bought a busted condominium project called the Triumph Lofts with the intention of converting them into affordable housing. It seemed like a win/win/win to us: get a defunct project back among the living; introduce a new kind of affordable housing into the market; and increase population density along the Beltline path in a place where it's a bit thin. In addition, the Beltline acquired the project at a price where a profit was likely, which could help with other Beltline initatives. After hiring Atlanta affordable housing powerhouse The Integral Group to prepare the units for sale, today The Marketing Directors began offering the 2 bedroom units for sale for $150,000 on behalf of the Beltline under the new name Lofts at Reynoldstown Crossing. Interest is anticipated to be strong, so a registration process has been initiated to assure an orderly process. While many praised the move for its creativity and the aforementioned reasons, some of the usual suspects have come out against it, like the Fulton County Taxpayers Foundation. We'll cast our lost with the supporters in this case...getting anything done in this economic climate (especially something as ambitious as The Beltline) is going to require creativity and out-of-the-box thinking. What has the status quo done for Atlanta lately?
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