Atlanta BeltLine Inc. and the Atlanta BeltLine Partnership acquired approximately 31 acres on the Westside from Brock Built Homes for $25.6 million.
The sale price is 30% below the property’s most recent appraised value, and the prive difference represents a donation from Brock, according to a press release.
The land, located at 425 Chappell Road NW, will be redeveloped to provide affordable housing. The property is in the Bankhead/Historic Westin Heights neighborhood and is along a planned segment of the Atlanta BeltLine Westside Trail.
After community outreach, Atlanta Beltline Inc. will solicit proposals from developers to redevelop the site. The property is the largest purchase made by the Atlanta BeltLine yet and brings the group’s land holdings to 65 acres throughout the city.
“The Chappell Road site is of regional significance and will have a profound positive impact on the affordability and job creation promises of the Atlanta BeltLine,” Atlanta BeltLine Inc. CEO Clyde Higgs said in a release. “We will work alongside surrounding neighborhoods to ensure outcomes that benefit residents while furthering connectivity and economic impact within the City of Atlanta.”
Financing for the transaction was facilitated by Atlantic Capital Bank. The City of Atlanta and Invest Atlanta also participated in the deal.
“The Chappell Road property holds a special place in our hearts,” Brock Built executive Adam Brock said. “The site is located amongst vastly different worlds: Microsoft’s future corporate campus, the Westside Park – one of the City’s greatest amenities – and one of the most disenfranchised communities in Atlanta.”