$20+M project provides housing for low and moderate income households at risk of displacement in historic neighborhood

On June 29th, 2022 the Grove Park Foundation and Columbia Residential hosted a grand opening for Columbia Canopy at Grove Park, a designated Purpose Built Community featuring 110 1, 2 and 3-bedroom classic apartment home residences that celebrates stylish, refined urban living. The new walk-up apartment homes are aimed towards providing housing for low and moderate income households at risk of displacement in the historic Grove Park neighborhood, which is currently experiencing rapid investment and acceleration of housing prices. The new mixed-income community is located at 557 West Lake Avenue NW, Atlanta, GA and is conveniently located less than one mile from the MARTA Bankhead station and within minutes of the Hartsfield Atlanta Airport.

The new residences feature contemporary interiors, gracious balconies/patios and convenient amenities, including a business center, community clubhouse, community garden and wellness center. The community is enveloped by a picturesque park and features stunning architectural landscaping. Columbia Canopy at Grove Park reflects the superior quality of Columbia Residential standards of excellence in design, construction and living features. The development includes the latest standards for green building/sustainability, handicap accessibility, and other best practices.

As part of its commitment to holistic neighborhood growth and community revitalization, the Grove Park Foundation is implementing the Purpose Built model with quality mixed-income housing, cradle to college quality education initiatives and a community health and wellness initiative. KIPP Woodson Park Academy, John Lewis Invictus Academy, and the new 23,000 sq ft Grove Park YMCA early learning center accompanied by a 2,500 sq ft school-based health center operated by Whitefoord Inc. are all located within minutes of the community. Asa G Yancey Health Center is also located one mile from the property and there are two shopping centers less than two miles away.

The grand opening celebration, attended by community residents, development partners and
community dignitaries included a ribbon-cutting ceremony with remarks from the following:

• Gavin McGuire, Executive Director, Grove Park Foundation
• Atlanta Mayor Andre Dickens
• Ray Kuniansky, Chief Development Officer, Columbia Residential
• Carol Naughton, CEO, Purpose Built Communities
• TJ Austin, Grove Park Foundation Board Chairman
• Ashley Pruitt Latimore, President, Grove Park Neighborhood Association
• Christopher Nunn, Commissioner, Georgia Department of Community Affairs
• Dr. Eloisa Klementich, President & CEO, Invest Atlanta
• Ron Alston, Not-For-Profit & Government Banking Leader, Truist Bank
• Dustin Hillis, Councilmember, City of Atlanta

Project History: Columbia Canopy at Grove Park – a $20+ million Renovation
The Grove Park Foundation’s mission is to revitalize the Grove Park neighborhood and improve the quality of life by working with local partners, leaders and residents to create a healthy, equitable and vibrant community. Work to date has included the construction of the K-8 KIPP Woodson Park Academy school campus, which also offers a school-based health clinic run by Whitefoord Inc, and a YMCA early learning center, the launch of a comprehensive financial capability program for current residents, predevelopment of the Grove Park Theater and completion of the first phase of mixed-income rental housing, Columbia Canopy at Grove Park.

In October 2015, the foundation’s leadership met with Purpose Built Communities and started conversing about a possible collaboration. This led to dialogues with potential stakeholders and partners. Over the next 18 months, the foundation forged a series of new partnerships with Atlanta Public Schools, KIPP Metro Atlanta Schools, the YMCA of Metro Atlanta, and several arts organizations to bring an A+ school, a new YMCA facility and new housing options for all income levels to the Grove Park Neighborhood.

Grove Park Foundation and Columbia Residential teamed up to build this initial phase of new mixed-income housing. In early 2019, the partnership received an allocation of 9% Low Income Housing Tax Credits from the Georgia Department of Community Affairs. This was combined with an investment from Invest Atlanta. Truist Bank and Truist Community Capital provided the bulk of the project financing through equity investment as investor limited partner and as construction lender and permanent mortgage lender. Construction began in March 2020 and continued through the 2020-2021 pandemic. Despite challenges and delays, the project completed construction in early 2022 and has quickly leased up to nearly full occupancy as of June 2022.

To learn more about Columbia Canopy at Grove Park, visit:
canopyatgrovepark.com

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