Affordable New Construction in Vine City, ATL
By GROWTH by NCRC / October 29, 2021 / News
(revised 1/28/22)
GROWTH by NCRC and Riddle Property Group, LLC Plan New Construction Townhomes in Vine City
New Parkview Development to Provide Opportunities for Building Generational Wealth and Community Revitalization
ATLANTA, GA (October 29, 2021) – Riddle Property Group, LLC, in partnership with The NCRC Housing Rehab Fund, LLC (NCRC HRF), known as GROWTH by NCRC, signed a development agreement to build affordable new townhomes in Atlanta’s historic Vine City neighborhood. The Parkview development, located across from the new Rodney Cook Sr. Park near the corners of Walnut St. NW and Thurmond St. NW, will feature 72 new townhomes featuring 3-4 bedrooms and 2.5 baths.
Just west of downtown Atlanta, Vine City is a historic community rooted in a strong local identity forged by a diverse and active African American community. During the early 20th century, the Vine City area was a middle-class African American neighborhood. Many prominent Atlantans called Vine City home, including Dr. Martin Luther King, Jr., Maynard Jackson, Julian Bond and Atlanta’s first Black millionaire, Alonzo Herndon. In addition, Vine City is also known for its iconic institutions including Morehouse, Spelman, and Morris Brown Colleges. In recent years, the neighborhood has been plagued by blight, substandard housing, crime, displacement and poverty.
Parkview is a development committed to reclaiming the rich history of Vine City. The development is less than half a mile from the Vine City and Ashby MARTA stations and just steps away from the Westside Beltline Connection. It’s easy access to transportation helps support a key pillar of the Mayor’s One Atlanta agenda: safe, affordable and equitable options for mobility. Community assets and amenities include Washington Park, the Georgia Aquarium, Centennial Park, State Farm Arena, Mercedes Benz Stadium, Walmart and Publix.
Developer Riddle Property Group, LLC (RPG) is an Atlanta-based, minority real estate owner, operator and developer. The real estate firm was awarded a $2 million Tax Allocation District (TAD) grant from Invest Atlanta to construct 72 for-sale townhomes – 21 of which will be affordable. Additional funding from Invest Atlanta is available for down payment and closing cost assistance to buyers that meet income qualifications.
“Parkview is a community-aligned residential real estate project in the heart of historic Vine City,” said RPG’s CEO Jeff Riddle. “Parkview is committed to the Vine City neighborhood vision statement, which encourages developers to create a diverse and sustainable, multi-generational community with high quality mixed housing that promotes homeownership. Parkview will accomplish this and more.”
GROWTH by NCRC, a joint partner in the Parkview project, provides homeownership opportunities for low- and moderate-income communities and people, with a focus on communities of color. In five years, GROWTH has invested $133 million in almost 915 homes nationwide. GROWTH by NCRC also provides workforce development and housing counseling through local partnerships with community organizations in the areas they serve.
“We are a mission-driven real estate fund helping to make homeownership possible for working-class and BIPOC people across the country,” said Ed Gorman, Managing Director, NCRC Housing Rehab Fund. “We are honored to partner with the RPG and Invest Atlanta on the Parkview project. Working together we are focused on addressing decades of segregation and disinvestment, bringing affordable housing and community development throughout the area. Everyone deserves a fair shake at the American Dream of homeownership.”
Nearly 75% of Vine City is rental units with many units vacant and in desperate need of renovations. Together GROWTH, RPG and Invest Atlanta are working to create pathways to capital essential for neighborhood investment, revitalization, renovations and new home construction. Decades of neglect and a history of segregation and limited access to mortgages and financial services to communities of color have put home ownership out of reach for many residents in the historic neighborhood.
The project is slated to break ground in November with the first closings taking place in summer 2022.
###
About GROWTH by NCRC
We believe that no matter where you start in life, or the neighborhood you live in, every family deserves the opportunity to own a home, to start building wealth and to enjoy the American Dream. Our mission is to make homeownership possible for more people.
GROWTH is an initiative of the National Community Reinvestment Coalition (NCRC) and is fueled by the NCRC Housing Rehab Fund (the “Fund”), a private equity real estate fund focused on rehabbing (and building new construction) single-family houses to provide affordable homeownership opportunities in low- and moderate-income communities or for low- and moderate-income people. The Fund has been operating for five years and is operating in nineteen cities.
For more information about NCRC Housing Rehab Fund, please contact Ed Gorman, egorman@ncrc.org, (202) 464-2728 or visit www.growthbyncrc.com.
About Riddle Property Group
Riddle Property Group, LLC (RPG) is an established minority real estate owner, operator, and developer headquartered in Atlanta, Georgia. Since 2005, RPG has acquired, repositioned, developed, and operated over $20 million in real estate assets in Atlanta, Georgia and Chicago, Illinois. RPG and its affiliate brands own and manage over 500,000 square feet of commercial, residential, and industrial space in the aforementioned cities. RPG prides itself on doing good for the community, while doing well economically for its Partners. For more information, please contact Jeff Riddle at jeff@riddlepropertygroup.com.
Revised 1/28/22