Atlanta Beltline Inc. (ABI) is moving forward with plans for a mid-rise multifamily community at 350 Chappell Road, advancing a fully affordable rental project within the broader Beltline corridor. According to reporting from The Atlanta Business Chronicle, the development carries a budget of $62 million and is programmed for 218 apartments, all of which will be reserved for households earning between 30% and 80% of the area median income.
The project is intended to expand the supply of income-restricted housing near key transportation and recreational amenities on Atlanta’s Westside. The site sits near MARTA’s Bankhead station, providing residents with access to the regional rail network, and is also close to Shirley Clarke Franklin Park and the Beltline’s Westside Trail. The location links future residents to open space and multi-use trails while keeping the community within reach of transit and job centers.
Affordability at the property will be supported by a mix of public subsidies and rental assistance. The Georgia Department of Community Affairs has awarded 54 project-based rental assistance vouchers to the development, helping to deepen affordability for a portion of the units. In addition, the project has received an allocation of 4% low-income housing tax credits from the same state agency, providing an equity source that is commonly used for larger affordable housing communities.
ABI assembled the site in June 2023, acquiring the 6.3-acre parcel for $4 million. The property had previously been developed with walk-up apartments that were demolished at least a decade ago, leaving a vacant infill location along the Beltline for new residential construction. The current plan would return multifamily housing to the site at a higher density and with long-term income restrictions.
The capital stack for the project incorporates multiple public and quasi-public funding tools. In addition to tax credits and rental vouchers, the development is slated to receive support from the Beltline Tax Allocation District Increment Fund. Tax-exempt bonds to be issued by Invest Atlanta are also expected to contribute to the financing structure, aligning local funding mechanisms with state-level housing resources.
The development is scheduled to deliver sometime in 2028, adding a significant number of affordable rental units to the Westside area upon completion. As planning and predevelopment proceed, the combination of subsidy layers and tax-exempt financing will be central to maintaining affordability for residents across the 30% to 80% of area median income bands targeted by the project.
