ATLANTA — Woda Cooper Companies Inc. and Parallel Housing Inc. have opened Adair Court, a mixed-income seniors housing property in the Adair Park neighborhood of Atlanta.
The 91-unit project is located in the heart of the city, near a major park, a MARTA train stop and the celebrated rails-to-trails system, the Atlanta BeltLine. Development costs were estimated at $15 million.
Adair Court consists of two buildings with one- and two-bedroom units for seniors age 55 years and older. Nineteen of the units are reserved for residents earning up to 50 percent of the area median income (AMI) and 58 for residents earning up to 60 percent of AMI. Fourteen units are offered at market rate with no income restrictions.
Investors in the project include the Georgia Department of Community Affairs, the City of Atlanta, Invest Atlanta and Atlanta BeltLine Inc. Bank of America Merrill Lynch was an investor and provided the construction loan. Summit Community Bank contributed a permanent loan.
Adair Court was built to meet the US Green Building Council’s LEED v4 certification standards and the Department of Energy’s Zero Energy Ready Home program.
“Adair Court represents a significant leap in the sustainability performance for affordable housing,” says Denis Blackburne, Woda Cooper senior vice president. “Our senior residents will pay lower monthly utility bills, contributing to the overall affordability of living at Adair Court.”
PCI Design Group served as architect. Woda Construction Inc. was general contractor, and Southface Institute is sustainability consultant.