The building, consisting of 3.1 acres of land, is located across Central Avenue from Atlanta City Hall. More than 90 percent of the building’s units are rented. The current tenants of City Plaza have been notified of the acquisition and their leases will not be affected. The legislation does not specify how many units will be offered in the affordable housing program.
The Atlanta City Council passed legislation in November authorizing a $15 million payment to Blue Valley Apartments, Inc. for City Plaza. The Downtown Development Authority will be authorized to sell revenue bonds to an amount up to $10 million to help fund the purchase of the building.