THE INVEST ATLANta 2019 ANNUAL REPORT THROUGH STRatEGIC INVESTMENTS CREatIVE SOLUTIONS AND STRONG PARTNERSHIPS INVEST ATLANTA IS CREatING EQUITY AND PROSPERITY FOR T T R R L REPO L REPO A A ANNU ANNU 2019 2019 3 2 OUR MISSION & VISION EQUITY CORE VALUE To advance Atlanta’s global competitiveness by growing a We believe economic strong economy, building vibrant communities and increasing prosperity and economic prosperity for all Atlantans. To make Atlanta the competitiveness starts with most economically dynamic and competitive city in the world. equity for all Atlantans. CONTENTS 3 Letter from Atlanta Mayor Keisha Lance Bottoms 4 Letter from Dr. Eloisa Klementich, CECD 6 2019 Economic & Community Development Highlights 7 Affordable Housing 19 Neighborhood Redevelopment 35 Business Development 45 Small Business & Entrepreneurship 61 Organizational Updates 63 Financials T R L REPO A ANNU 2019 2 MAYOR KEISHA LANCE BOTTOMS DR. ELOISA KLEMENTICH, CECD By working together, we are revitalizing neighborhoods through job creation and affordable housing. We are helping small businesses take flight. We are enabling new homeowners to realize their dreams, while ensuring that our seniors and legacy residents avoid displacement. In this process, Invest Atlanta has differentiated itself from other economic development agencies. Its reach extends well beyond business support and recruitment to include a wide range of community- Invest Atlanta’s highest priority is the prosperity This ideal of social and economic equity is Greetings: development initiatives that support affordable of all Atlantans. so fundamental to who Invest Atlanta is as an housing, redevelopment and homeownership. organization that we officially introduced our Our mission for One Atlanta is to build an Through strategic partnerships, creative solutions first equity statement and equity core value, that equitable, resilient and affordable city for all With the creation of our city’s first economic and a strong conviction that every Atlantan should serves as the foundation for all we do. Our work our residents. mobility strategy, Invest Atlanta is opening the have access to the benefits of our great city, Invest in 2019, as presented in this report, demonstrates doors of opportunity that lead to prosperity for Atlanta’s work continues to focus on accelerating many of the investments Invest Atlanta has made For the past two years, my Administration has our working families and all who want to call economic growth and mobility for everyone who toward greater equity for all Atlantans. worked closely with Invest Atlanta to create Atlanta home. calls Atlanta home. opportunities in every community, so that every With the support of Mayor Bottoms, along with the neighborhood, no matter its ZIP code, can As Mayor and Chair of the Invest Atlanta Board At Invest Atlanta, we operate on the premise that many partnerships and connections we’ve worked maximize its potential. of Directors, I am privileged to work alongside this the city’s full economic growth potential can only be to strengthen over the years, I am convinced that committed and talented team. As One Atlanta, reached when everyone participates. This requires Invest Atlanta impacts more communities and This effort involves thinking creatively, investing we will continue to implement new strategies that robust economic mobility strategies that support the businesses— all in support of making a difference boldly and working diligently to drive new provide pathways to success for all our residents. creation of livable-wage jobs, ensure residents can in people’s lives all throughout Atlanta. solutions aimed at social equity and economic develop in-demand jobs skills and increase access mobility. It requires strong conviction and even to jobs and affordable housing. #IamIA T T R stronger partnerships. Sincerely, R L REPO L REPO A A Dr. Eloisa Klementich ANNU Keisha Lance Bottoms ANNU 2019 2019 3 4 2019 HIGHLIGHTS JOBS CREatED OR REtaINED 8,685 NEW CAPItaL INVESTMENT $1B AFFORDABLE HOUSING 735 UNITS CREatED SMALL BUSINESS LOANS $1.3M $2.2 BILLION DOWN-PaYMENT ASSIStaNCE $1.4M Total Economic Impact T T R R L REPO L REPO A A ANNU ANNU 2019 2019 5 6 AFFORDABLE HOUSING FAIR HOUS ING ASCENT PEACHTREE ADAIR COURT Construction is underway for Ascent Work is now complete on the new Adair Peachtree, which will sit atop an existing Court, a senior-living development located FROM MULTIFAMILY APARTMENTS NEAR parking garage in Downtown Atlanta. The between the MARTA West End station, $125 million, multifamily development will Adair Park and the Atlanta BeltLine feature 345 residential units, including 70 Westside Trail. Nineteen of the units are TRANSIT TO SINGLE-FAMILY HOMES, workforce units. Twenty percent of these reserved for residents earning up to 50% of units are reserved for residents earning 80% AMI and 58 are for residents earning up to of area median income (AMI) or less. The 60% AMI. Fourteen units will be offered at AN ATLANTA FOR ALL IS A PLACE WITH repurposing of an existing parking garage market rate with no income restrictions. brings greater density to Downtown and will offer affordable living near transit. WHEat STREET TOWERS AFFORDABLE LIVING OPTIONS FOR A The recently renovated Wheat Street Towers CREEKSIDE at is a residential complex featuring 208 units ADAMSVILLE PLACE reserved for seniors earning 60% AMI. RANGE OF INCOMES AND LIFESTYLES. Creekside at Adamsville Place will make Residents pay no more than 30% of their 125 units available to those earning no income towards rent. more than 60% of AMI. In 2019, Invest Atlanta facilitated $233 million toward affordable housing and is working with QUEST LEGACY HOMES city leaders to create or preserve 20,000 units by 2026 – an investment totaling $1 billion. HAGAR MULTIFAMILY Quest Legacy Homes, which features Leveraging new strategies like income averaging and co-living is enabling Invest Atlanta to The Hagar Civilization Training Missionary seven single-family homes in the English facilitate deeper levels of affordability and additional housing options. is revitalizing seven vacant Vine City and Avenue community, is one example of Invest T T R English Avenue properties in various stages Atlanta’s creative approach to affordable R of disrepair into 20 housing units. homeownership and resident retention. By L REPO Rents are affordable for residents purchasing land, Invest Atlanta ensures L REPO A earning below 50% of AMI. permanent affordability and brings A homeownership within reach for individuals ANNU with income levels between 80-120% AMI. ANNU 2019 2019 7 8 AFFORDABLE HOUSING FAIR HOUS ING AFFORDABLE HOUSING BY THE NUMBERS TOtaL INVEST ATLANta INVESTMENT $59.3M TOtaL CAPItaL INVESTMENT $233M AFFORDABLE HOUSING UNITS CREatED 498 TOtaL ECONOMIC OUTPUT $226M T T R R L REPO L REPO A A ANNU ANNU 2019 2019 9 10 AFFORDABLE HOUSING “I’m delighted to attest to the magnificent revitalization of this newly replenished community,” says Leola. “It’s a shining example of the possibilities of great FAIR partnership and government to provide affordable housing and a stepping stone for single mothers like myself and low- HOUS income families looking to provide stability for our children.” ING Jonathan Rose Companies, in partnership with Columbia Residential, completed an $18 million redevelopment of Amani Place – just one example of Invest Atlanta’s Three years ago, Leola Latorean Fenderson commitment to ensure the city offers a was reluctant to reveal where she lived or range of housing options for its residents. even to allow her children to play outside. Columbia Residential, in fact, has worked At the time, Edgewood Court was notorious on a number of developments with Invest for crime. Atlanta and is a committed partner for quality, affordable housing in Atlanta. “I was apprehensive about coming home every day because of the atrocities taking “We can now, as a village, raise our Leola Latorean place,” says Leola. “I was also uninspired children in a community where they can go Fenderson is a proud by the drab tobacco and cardboard brown outside and play and not be afraid,” resident of Amani paint color.” says Leola. “We can go to sleep at night in peace thanks to security.” Place, located in A COMMUNITY Those days are behind her as Edgewood Edgewood, which Court has been renamed and completely Residents can also look forward to has been completely revitalized into a new community known as fresh produce from their garden, as well Amani Place. Located in Edgewood near as monthly fellowship meetings at their revitalized into a T R the Atlanta BeltLine, the once downtrodden community center. “We feel inspired safe, new, affordable apartment complex has been reimagined and enthused by our beautiful housing community. L REPO and now features a fitness center, parcel surroundings,” says Leola, “and we look A REIMAGINED lockers, business center, playground, picnic to the future with confidence, optimism areas and even a community garden. and continued success.” ANNU 2019 11 2019 ANNUAL REPORT 12 OWNER-OCCUPIED REHAB COM MUN ITIES OWNER-OCCUPIED REHAB IS AS OWNER-OCCUPIED REHAB BY THE NUMBERS COMPASSIONATE AS IT IS BENEFICIAL, HOME REPAIRS IN PROGRESS 129 HELPING LONG-TIME RESIDENTS MAKE CRITICAL HOME REPAIRS HOMES COMPLETED TO DatE 93 SO THEY CAN REMAIN IN THE Invest Atlanta continues to help eligible residents make critical house repairs— NEIGHBORHOODS THEY CHERISH. such as lead removal, roof repair and inefficient plumbing— to avoid displacement amid rising property values. Announced by Mayor Bottoms in 2018, Owner-Occupied Rehab offers three programs— Atlanta Heritage, T Westside Heritage and Choice T R R Neighborhoods Heritage. Senior households aged 55+, military veterans, L REPO L REPO A disabled head of households and those A who have been in their homes for 15+ ANNU years are given priority in the programs. ANNU 2019 2019 13 14 OWNER-OCCUPIED REHAB Ms. Lane has a special appreciation for Ms. Lane was petitioning for neighborhood architecture.