This Week in Atlanta Real Estate: Rapper T.I. invests in his local neighborhood, record breaking sales and more

by Lauren Clohessy

Atlanta native Clifford Joseph Harris Jr., better known as T.I., is working on reshaping his hometown in Center Hill. In a recent interview with Inc. Magazine, Harris discussed the importance of improving his childhood neighborhood, which currently lacks amenities like a grocery store. In 2017, Harris created Buy Back the Block to change the neighborhood. Since then, Harris teamed up with developers to purchase buildings with goals to put in stores, a movie theatre and other amenities to build a community.

Harris is also working on residential properties, one of which is set to open by the end of 2019. To ensure the best for Center Hill residents, Harris teamed up with seasonal real estate agent, Krystal Peterson, to provide prices within proper price ranges. “I’m trying to build a community where the people within it can be proud. If they’re proud, they’ll have more of a sense of wanting to maintain it,” said Harris.

In other Atlanta real estate news:

  • At a recent meeting, developers received $16 million in property tax abatements from the Invest Atlanta board. The board’s decision has led to a significant amount of controversy as many homeowners are dealing with higher property taxes in the area. Companies like Banyan and Interlock are among the developers to receive millions in tax abatements. Supporters of the abatements claim the extra money helps provide extra amenities for residents, while those who oppose are worried about the prices for residents. To read more about Invest Atlanta’s decision, go to the Atlanta Journal Constitution.
  • The Metropolitan Atlanta Rapid Transit Authority’s board announced their decision to keep the Atlanta Streetcar ride fare at $1. Operations transition from the City of Atlanta to MARTA on July 1. According to Atlanta Loop, MARTA’s Office of Light Rail Operations will oversee the daily tasks for the four-car light rail system around the city. MARTA’s transition will focus on increasing riders, decreasing operation costs and enhancing rider safety.  
  • Capital City Real Estate announced FirstService Residential was chosen to provide consulting and management for the new Airline 04W condo development. The development in Atlanta’s Old Fourth Ward neighborhood will offer residents with various amenities that encourage outdoor community living. “Airline 04W will be a trendy residence with great urban appeal and we’re excited to welcome the condominium to the FirstService Residential family,” said FirstService Residential President Mark Stoops.
  • North American Properties sold its Anthem on Ashley apartment community for a record-selling price of $75 million. Invesco Advisers purchased the 244-unit community for nearly $307,000 per unit, which comes out as $370 per square foot. NAP Managing Partner Mark Torro expected the property to sell for a record price and hired Jones Lang LaSalle to ensure it did. Anthem at Ashley is located on Ralph McGill Boulevard and opened in 2017.