Just when it seemed like the City of Atlanta was getting out of the real estate game, officials announced they're back in the business with the purchase of an apartment complex near City Hall in downtown. According to the Saporta Report, the city shelled out $15 million for the City Plaza Apartments with plans to market a "portion" of the units as affordable housing.
Completed in 1996 as Atlanta geared up to host the Olympics, the building was foreclosed on during the recession. Fortunes have changed, and at the moment, more than 90 percent of the apartments are rented; the city does not intend to break existing leases, so a timeline for the conversions has not been released. Also, reports don't indicated how many of the 164 units — a mix of one- and two-bedroom apartments — will be marketed as affordable.
Beyond the residential component, the ground floor features six retail spaces facing the street. Plans call for a portion of that space to be converted into a wellness and fitness center, complete with a pharmacy, which will be for the sole use of Atlanta city employees.
· Atlanta buys apartment building, plans to provide affordable housing [Saporta Report]