INVEST ATLANTA The Avery at Underground Atlanta Eastside TAD Ascension Fund Fact Sheet

PURPOSE: To approve up to $3,600,000 from Eastside TAD tax increment to develop a $36.7 million, 4-story, 180-unit workforce multifamily development within the heart of Underground Atlanta.

PROJECT NAME: The Avery at Underground Atlanta

PROJECT OWNER: Avery Underground Prestwick I, LP

LOCATION: 55 Alabama Street Council District: 4 NPU: M

PROJECT DEVELOPER: Prestwick Development Company

DESCRIPTION: Avery Underground Prestwick I, LP is proposing to develop a $36.7 million, 4- story, 180-unit workforce multi-family development within the heart of Underground Atlanta. 150 units (83%) will be income restricted to households earning 60% AMI or below and 30 units (17%) will be market-rate units targeted at households earning 80%-120% of AMI.

PROGAM: Type Mkt/ Avg. Size Market Rent Workforce Rent Workforce (Sq. Ft.) Units $/Mo $/SF $/Mo $/SF 1BR 10/35 667 $1,046 $1.57 $703 $1.05 2BR 10/80 838 $1,256 $1.50 $838 $1.00 3BR 10/35 960 $1,205 $1.26 $960 $1.00 Total 30/150 822 $1,169 $1.44 $834 $1.02

SOURCES AND USES: Uses Total % of Total Acquisition $1,000,000 3% Hard Costs $17,396,127 47% Soft Costs $18,331,673 50% Total Uses $36,727,800 100% Sources Debt $9,439,861 26% Equity - 0% Federal Tax Credit Equity $11,215,297 31% State Tax Credit Equity $6,493,716 18% Deferred Developer Fee $578,926 1% Other Grants $5,400,000 15% Eastside TAD Grant $3,600,000 9% Total Sources $36,727,800 100%

*URFA is currently providing tax exempt bond financing in the amount of $14,500,000 for “Gateway Capitol View” a Prestwick Companies development which is currently under construction.

BENEFITS: 1. Directly supports the vision articulated in the Eastside TAD Redevelopment Plan by ensuring that the City of Atlanta “continues its century old role as the dominant commercial, retail, residential, and tourist center of the metro region.” 2. Directly increases the property tax base in the Eastside TAD. 3. Significantly increases the number of residents in downtown to support new businesses. 4. Provides new workforce housing to downtown (15 years).

DEFINED ECONOMIC DEVELOPMENT BENEFITS:

• $36,727,800 of direct capital investment in downtown • Total economic impact from capital investment of $52,378,654 • 150 temporary jobs created from construction** • 6 new permanent jobs created** • $637,000 in incremental annual property tax generation to the TAD***

*Based on ImPlan analysis **Estimated by Applicant ***Estimated by Invest Atlanta

PROJECT TIMELINE: Firm Financing Commitments December 2017 Start of Construction July 2018 End of Construction December 2019 Initial Occupancy December 2019 Stabilized Occupancy July 2020

The Avery

SITE MAP

CURRENT SITE CONDITIONS

PROJECT RENDERING