December 11, 2018
The National Development Council is pleased to announce a significant investment in a mixed-use project in Athens, Georgia.
The proposed project, spearheaded by Homes Urban, an accomplished residential and commercial developer in Southeast US, is a catalytic residential and commercial development, including a full-service grocery and affordable and market rate rental housing. The project will fill in a long-vacant site on Prince Avenue, a major thoroughfare that traverses a severely distressed community of Athens with a poverty rate more than 40 percent.
The proposed project will contain 34 housing units (10 units affordable at 80% AMI) and 24,323 SF of local retail space at below market rents. The retail portion will include subsidized space for a Piggly Wiggly Express (10,000 sq. ft.) The Piggly Wiggly franchise is minority-owned and will provide affordable fresh produce, meat, baked goods, dairy products, and other standard food offerings. The project is located in a food desert. Adjacent to the vacant lot is the historic St. Joseph’s chapel, which will be saved and adapted for a new use.
The project will create 38 full-time construction jobs and 40 permanent full-time jobs. Property taxes paid to Athens-Clarke County will be the first ever collected on the 100 Prince property—a community benefit of over $200,000 per year. Total project costs are expected to be just over $21.2 million, with NDC’s tax credit allocation providing $7.5 million.