ATLANTA, Georgia — Atlanta Mayor Keisha Lance Bottoms announced Thursday Invest Atlanta approved funding for construction of a new development in downtown Atlanta aimed at attracting more teachers to the area.
Teachers Village-Atlanta is a proposed development in the Fairlie-Poplar neighborhood near the Peachtree Center Marta station for teachers who work in Atlanta.
A $4 million tax allocation district grant, along with Invest Atlanta's $26.36 million tax exempt bond is allocated to fund 438 family units for the project.
“When teachers live near their schools, they become part of the community and play a greater role in the lives of their students," said Mayor Bottoms. "I am very pleased to see the City of Atlanta and our partners come together in support of this development so that more Atlanta teachers can afford to live in our city near the communities they serve.”
Teachers Village Atlanta is part of a larger 31-story, 400,000 square-foot building, in which 216 units will also include senior housing, units for memory care, assisted living and independent living units.
Additionally, the proposed teachers' development includes retail shops, classrooms, laundry, gym, lounge and rooftop space for residents.
According to a release, 40% of the units will be rented to tenants, who earn no more than 60 percent of the area median income. Also, 20% of the units will be rented to tenants, who earn no more than 80 percent of the area median income.
“The Teachers Village will create an attractive living option in a desirable area for teachers who wish to be in the city near their workplace and transit systems," said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. "It also provides a way for us to attract more good teachers to Atlanta who wish to live in this unique, supportive community."