183-unit Sylvan Hills rental project is the first phase of a master redevelopment of 19 acres
The Benoit Group is partnering with Atlanta Neighborhood Development Partnership (ANDP) to redevelop 19 acres of ANDP land in Southwest Atlanta’s Sylvan Hills neighborhood. The first phase of the project is Sylvan Hills Senior Living, a 183-unit apartment rental community.
“This is our second affordable housing development partnership with ANDP to provide quality housing for seniors in Metro Atlanta,” says Torian R. Priestly, Chief Development Officer for The Benoit Group. “Sylvan Hills Senior will be an economic catalyst to spur future development on the southside of Atlanta.”
Located at Sylvan and Perkerson roads, previously home to ANDP’s Sylvan Circle Apartments, the four-story Sylvan Hill Senior development will provide much-needed affordable rental options for active living seniors.
“Ensuring the availability of safe and high-quality rental options for low- and moderate-income seniors in our City is a growing need. ANDP continues its work to provide increased access to affordable homeownership and rental housing in metro Atlanta. Partnerships are at the very core of our work and we are thrilled to be partnering with The Benoit Group to make Sylvan Hills Senior a reality," says John O'Callaghan, ANDP President and CEO. “This project is a great example of the partnerships needed to meet our ‘Closing the Gap’ goal of producing 2,000 affordable units by 2025.”
The 147,000 square-foot development is estimated to cost $36 million. PNC Bank is providing debt and equity for the Low-Income Housing Tax Credit project with additional subsidy from Invest Atlanta's Housing Opportunity Bond.
Architectural services for Sylvan Hills Senior are provided by Corcoran & Ota Architects. The general contractor for the development is Summit Construction.
Sylvan Hills Senior is scheduled to open in late 2022 and will feature a fitness center, community and activity room for resident programs, as well as a cyber café.
“As with our other independent senior living developments, we’ve partnered with a number of local nonprofit groups to bring extended community outreach services, such as free computer classes and financial literacy programs, to our residents,” Eddy Benoit, CEO and founder of The Benoit Group, said. “To revitalize underserved communities, we target the right capital sources and local community resources to create a higher quality lifestyle that encourages new investment in these neighborhoods.”
Representatives from The Benoit Group and ANDP, Atlanta City Councilmember Joyce Sheperd and others recently joined for a groundbreaking at the project site.
ABOUT THE PARTNERS
The Benoit Group has a core business focus on the development of Mixed-Income Affordable Housing, Independent Senior Living, Workforce Housing in Transportation-Oriented Developments (TOD), and Student-Oriented Housing Facilities for Tier 1 & 2 Universities and HBCUs. Connect at www.thebenoitgroup.com.
A chartered member of NeighborWorks, Atlanta Neighborhood Development Partnership is a nonprofit organization that develops, finances and advocates for affordable housing at a scale that promotes racial equity and healthy communities where families thrive. Now in its 30th year, the organization aims to further reduce the Black homeownership gap and increase access to affordable rentals with its "Closing the Gap: 2,000 units by 2025" campaign. Connect at www.andpi.org.