ASREF’s $3.0M investment contributed to the development of this mixed-use housing and retail center in the Sweet Auburn neighborhood of Atlanta.
ASREF provided a $3.0M preferred equity investment to Historic District Development, Corp. (“HDDC” or “Sponsor”), for a master-planned mixed-use development comprising retail and affordable rental and for-sale multifamily housing along Auburn Avenue in the Sweet Auburn Historic District of Atlanta, GA. The Development plan consists of a combination of new ground up construction and the renovation of the two existing retail buildings along Auburn Avenue that have historical significance to the community. The two retail buildings slotted for renovation are: • 368 Auburn Avenue (4,589 SF; 6 units of retail) • 364 Auburn Avenue (6,798 SF; 2 event spaces) The completed project will contain a total of 37,000 SF of retail/event space as well as 28 residential units (14 for-sale and 14 for-rent.) There will also be 31 parking spaces, 14 of which will be allocated for the condominium units. The project has been fully approved for a $2.0M grant from Invest Atlanta’s Ascension Fund which focuses on projects that are greater than $7.5M in cost and create new affordable or workforce housing (requiring 20% of units at 80% AMI or 15% at 60% AMI). Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness to create increased opportunity and prosperity for the people of Atlanta. On May 6, 2021 ASREF exited the project through permanent financing provided by the Reinvestment Fund.
| Asset Type | Residential/ Mixed-Use Retail; Invest Atlanta requires 20% of units at 80% AMI or 15% at 60% AMI |
| Development Type | Ground up; Redevelopment |
| Previous Use | Retail |
| Investment Closing Date | 2021-05-06 |
| Total Development Area | 68614 |
| Construction Timeframe | Start: Jul 2022; Finish: Mar 2024 |
$15.8M
$15.8M
$3.0M
$3.2M
$2.0M
$8.2M
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HISTORIC DISTRICT DEVELOPMENT CORP (HDDC): Founded in 1980 by Coretta Scott King, Christine King Farris and John Cox to protect the residential assets surrounding Dr. Martin Luther King, Jr.’s birth site on Auburn Avenue, HDDC is a 501(c)(3) and is one of Atlanta’s oldest surviving community development corporations. The only non-profit organization specifically dedicated to preserving the availability of affordable housing in the Old Fourth Ward, HDDC serves as the bridge between Sweet Auburn’s storied past and the Old Fourth Ward’s bright future. For nearly four decades, HDDC has been a catalyst for equitable urban revitalization in Atlanta.
| Location | 348-374 Auburn Ave. Atlanta, GA 30312 Fulton County |
| Area | Atlanta |
| LMI Community Status | Low |
| Unemployment Rate | 21% |
| Poverty Rate | 33% |
| % Minority | 72% (53% African American) |
Maria Saporta reports on the ceremonial groundbreaking of ASREF's project, which will feature affordable living units and retail spaces.
Atlanta Invest reports on the approval of a $2 million grant to support the construction of ASREF's Front Porch project in the heart of the Historic Sweet Auburn District.
Mirtha Donastorg reports on ASREF's Historic development with shops, restaurants, and 33 affordable homes.
WSBTV interviews Sweet Auburn residents about the development of the Front Porch project, which will brighten up the historic Sweet Auburn neighborhood.
Tyler Wilkins reports on the new co-living units, commercial space and amenities that the Front Porch project will bring to Auburn Avenue.
Popular local news site What Now Atlanta reports on the beginning of the development of ASREF's 100,000 square-foot mixed-use project on Auburn Avenue.
WSB-TV News speaks with locals in the Sweet Auburn neighborhood about the construction and development of ASREF's Front Porch project.
Chris Allen Thompson writes about the completion of the first phase of ASREF's Front Porch project.
Industry publication Urbanize Atlanta writes about Atlanta's "premiere equity project" with the assistance of ASREF's impact investment.
Local NPR station GPB News reports on the Front Porch project, the first revitalization program on Auburn Avenue in 18 years.
ASREF’s $3.0 million preferred equity investment in the Front Porch redevelopment will revitalize and stabilize an underserved Low-Income census tract by providing accessible housing and catalytic commercial development.
