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Real estate investing and buying an investment property can be done with the intention of making money in a few years after the value of the asset has appreciated. However,…
What are the best cities for rental income in the US housing market? Where are real estate investors generating the highest monthly rental income in 2020? If you’re trying to…US Economic Forecast – 2020 Predictions
US Economic Forecast 2020 Will the stock markets return fully to former price levels and will small business survive? Although the next few months will be rough for the US economy, we can say with some certainty that 2021 is looking like a boom year (Goldman Sachs). The 1 to 3 year forecasts are in…
Editor’s Note: INtown receives dozens of press releases daily concerning COVID-19 related news and events. We’ve rounded up those of interest to our coverage area.
The YMCA of Metro Atlanta has begun a phased approach to opening its metro Atlanta. locations. There will be temperature checks, social distancing, and masks will be required. All activities will be limited to individual workouts with trained staff positioned to monitor and enforce social distancing. Starting May 18, lap swim, group exercise and select tennis facilities will be available by online reservation. As operations normalize, the Y will pivot to phase two in mid-June, which includes re-opening additional areas within Y facilities for broader use. Already open: Carl E. Sanders YMCA and East Lake Family YMCA Opening May 25: The Villages at Carver Family YMCA and Arthur M. Blank Youth YMCA. Opening June 1: South DeKalb Family YMCA and Decatur Family YMCA. For more information, visit https://ymcaatlanta.org/.
Hopkins and Company is providing complimentary meals to hospitality and food industry workers impacted by COVID-19 through its newly launched nonprofit arm, Good Food Works Foundation, The restaurant group will have a pop-up at Colony Square over the next two Sundays (May 17 and 24) from 4 to 6 p.m. Individuals in need can stop by The Front Loop along Peachtree Street to pick up food.
Global biopharma company UCB, with U.S. headquarters in Atlanta, and local restaurant Lazy Betty, are helping to deliver healthy, gourmet meals to Grady Memorial Hospital healthcare workers throughout the month of May. In addition to supporting meals for healthcare workers, UCB has also donated to community efforts in Atlanta, as well as encouraged employees to take advantage of up to 32 hours paid-time-off to volunteer in support of COVID response.
Atlanta-based accounting firm Terminus is holding an employee fundraiser for ATLFAMILYMEAL, the nonprofit initiative to support hospitality workers in need. The company will match up to $5,000 in contributions. Since debuting in March, ATLFAMILYMEAL has delivered more than 25,000 meals to hospitality workers from over 200 metro Atlanta restaurants, breweries, and hospitality businesses.
SK Innovation has made a $400,000 donation to support Augusta University and Augusta University Health’s response and associated expenses pertaining to the COVID-19 pandemic. Specifically, the SK innovation gift will be used to support expenses associated with physicians at the Medical College of Georgia, the state’s only public medical school, and health care providers at AU Health providing free virtual telehealth COVID-19 screening visits through the AU Health ExpressCare app and testing through eleven drive-thru specimen collection locations statewide.
The East Lake Foundation has announced a $30,000 donation from the Greater Atlanta COVID-19 Response and Recovery Fund, a joint effort from the Community Foundation for Greater Atlanta and United Way of Greater Atlanta. These funds will benefit the East Lake COVID-19 Relief Fund and the Drew Charter School Opportunity Fund for COVID-19 relief. This donation will provide $22,500 for immediate support for families at The Villages of East Lake Apartments experiencing economic hardship as a result of COVID-19 and $7,500 to support Drew Charter School families who are struggling during this trying time.
Nonprofit Frontline Foods Atlanta, which is paying local restaurants to make and deliver meals to healthcare workers on the frontline of the COVID-19 pandemic, announced that the cast of Georgia-filmed Netflix series “Ozark” sponsored lunch for frontline workers on May 15 at Grady Hospital, Emory Johns Creek and Greater Atlanta Women’s Healthcare at Emory Midtown. Their donated funds went directly to Sweet Auburn BBQ, Corporate Caterers and Supreme Burger. The cast of CBS series “All Rise” donated for lunch from Sweet Auburn BBQ and dinner from Salaryman on May 16 for the healthcare workers at University Hospital Emory Main Campus.
The Chattahoochee River National Recreation Area is increasing recreational access starting Saturday, May 16. All parking areas are open except for Columns Drive and Gold Branch, which will reopen on May 18. Entry fees have been waived. For public health safety, comfort stations, picnic areas, and Hewlett Lodge Visitors Center remain closed.
Explore Georgia has created family-friendly activities on its website to help parents explore, engage, educate and stimulate their kids without leaving the house. You’ll find coloring pages, puzzles, photo challenges and chef demonstrations. Find out more at the Explore Georgia from Home interactive site.
The post Coronavirus Briefs: YMCA reopens, feeding healthcare workers, community donations, and more appeared first on Atlanta INtown Paper.
Google Anti-Trust Charges Soon? The US department of justice is pushing forward on anti-trust investigation delayed by the Corona Virus pandemic, and would be prepared to lay charges against Google Alphabet this fall. Google’s stock price dropped about 3% on the news, but the DOJ’s determination could see bigger drops by Monday as the intent…
The coronavirus outbreak has had an unprecedented impact on real estate. With stay at home orders and quarantines in many cities, property management companies have been forced to shut down…
The Advisory Council for the Reopening of the City of Atlanta has submitted a 119-page report with final recommendations for a gradual reopening to Mayor Keisha Lance Bottoms.
The mayor will review the advisory council’s recommendations and the current state of COVID-19 cases in the city and will provide additional guidance in the coming weeks to ensure a safe and data-driven reopening of the city.
Informed by economic indicators and medical science, the report contains evidence-based short, mid, and long-range recommendations for the safe and data-driven reopening of the city.
The report reflects the insights and guidance of the advisory council, which was established by Bottoms through an administrative order on April 20 in response to the COVID-19 pandemic. The 60-person council is comprised of experts from across Atlanta’s business, nonprofit, healthcare, and government sectors.
The report outlined three core focus areas for Atlanta’s reopening strategy, recommending:
“After extensive research and review of global best practices, we believe the findings and recommendations in this report will help provide the city with safe and practical guidelines to help Atlanta residents and businesses through the COVID-19 crisis,” said Advisory Council Co-chair Ingrid Saunders Jones.
In addition to the insights from members of the advisory council and other leading health experts, the report also drew from the findings of a resident survey asking Atlantans how they were approaching and interacting with various businesses and venues during the COVID-19 pandemic. Conducted between April 28 and May 4 with over 15,700 respondents, the survey showed:
“The advisory council’s recommendations are based on the current available science on the virus, which we know is rapidly evolving,” said Advisory Council Co-chair Robert Ashe, III. “The council stressed that as the city establishes metrics and guidelines for reopening, the guidance should be reevaluated and amended as the science and facts are updated and made available to the public.”
The advisory council also recognized that there are federal guidelines, as well as state executive orders, that have been issued pertaining to reopening. The advisory council’s voluntary recommendations are put forth as benchmarks for proceeding in a safe and deliberative manner within the context of the state’s reopening orders.
The number of COVID-19 cases and deaths in Georgia continue to rise. As of the release of the Advisory Council’s report today, the Georgia Department of Public Health has reported 36,544 COVID-19 cases in the state of Georgia and 1,548 deaths. Fulton County is reported to have 3,632 COVID-19 cases and 159 of deaths.
View the entire Advisory Council Report for Reopening Atlanta and the results of the resident survey here.
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After Gov. Brian Kemp further eased restrictions on the number of people who can be inside a restaurant dining room, more Intown eateries have announced plans to reopen.
All restaurants must follow state-mandated guidelines, including staff wearing masks, more sanitation, disposable menus, contactless payments, and social distancing. The state will now allow 10 people per table, but restaurants still must maintain 6 feet space between parties.
California Pizza Kitchen at Atlantic Station will reopen for dinner service starting today, May 15, at 5 p.m. inside the restaurants and on the patio. Takeout, curbside and delivery are still available.
Tamarind Restaurant Group, which includes Nan Thai Fine Dining, Tuk Tuk Thai Food Loft, Tamarind Seed and Chai Yo Modern Thai, will begin to offer “limited outdoor patio dining and minimal dine-in services” starting today. The restaurant group continues to recommend and emphasize its contactless curbside pickup and delivery services.
Park Tavern in Midtown has reopened its patio Wednesdays through Sundays from noon to 9 p.m. with a special menu – wings, tacos, shrimp – along with beer, wine and cocktails.
Cafe Posh in Buckhead will have limited seating in its dining room this weekend and is still offering curbside and takeaway.
U Restaurants has reopened dining rooms and patios at Sotto Sotto and Fritti in Inman Park, Escorpion in Midtown and Novo in Dunwoody. Tables will be limited due to social distancing rules, so make a reservation.
Wood’s Chapel BBQ has reopen its doors (and walk-up window) for takeout in Summerhill after being closed for six weeks. May 16 is National Barbecue Day, so good timing.
Salata Salad Kitchen has begun opening up its dining rooms, including locations at Madison Yards and Midtown Place.
Ford Fry’s Marcel steakhouse on the Westside and Inman Park seafood restaurant BeetleCat reopen for dine-in service on May 18.
Check out a much longer list of restaurants reopening for dine-in service at Eater Atlanta.
The post Restaurant dining rooms reopen as state further eases restrictions appeared first on Atlanta INtown Paper.
Preferred Apartment Communities, Inc. reported results for the quarter ended March 31, 2020. Unless otherwise indicated, all per share results are reported based on the basic weighted average shares of Common Stock and Class A Units of the Company’s operating partnership (“Class A Units”) outstanding. See Definitions of Non-GAAP Measures.
Financial HighlightsOur operating results are presented below.
|
Three months ended March 31, |
||||||||||||
|
2020 |
2019 |
% change |
||||||||||
|
Revenues (in thousands) |
$ |
131,102 |
$ |
111,506 |
17.6 |
% |
||||||
|
Per share data: |
||||||||||||
|
Net income (loss) (1) |
$ |
(4.44) |
$ |
(0.66) |
– |
|||||||
|
FFO (2) |
$ |
(3.42) |
$ |
0.39 |
– |
|||||||
|
FFO excluding Internalization costs (2) |
$ |
0.31 |
$ |
0.39 |
(20.5) |
% |
||||||
|
Core FFO (2) |
$ |
0.38 |
$ |
0.41 |
(7.3) |
% |
||||||
|
AFFO (2) |
$ |
0.47 |
$ |
0.32 |
46.9 |
% |
||||||
|
Dividends (3) |
$ |
0.2625 |
$ |
0.26 |
1.0 |
% |
||||||
|
(1)Per weighted average share of Common Stock outstanding for the periods indicated. |
|
|
(2)FFO, Core FFO and AFFO results are presented per basic weighted average share of Common Stock and Class A Unit in our Operating Partnership outstanding for the periods indicated. See Reconciliations of FFO Attributable to Common Stockholders and Unitholders, Core FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders and Definitions of Non-GAAP Measures. |
|
|
(3)Per share of Common Stock and Class A Unit outstanding. |
“Our first quarter reflects continued and consistently solid operating performance across all of our operating platforms, including multifamily same store NOI growth of 4.3% quarter over quarter in a same store pool that represents over 80% of our multifamily units,” stated Joel Murphy, Preferred Apartment Communities’ President and Chief Executive Officer. “As we moved into the second quarter, the events related to and resulting from the COVID-19 pandemic have disrupted our economy and our markets and we have taken several measures to preserve liquidity. Among them, the Board making the difficult but prudent decision to reduce our common dividend given the uncertainty of the current circumstances and environment. I am extremely proud of our leadership team and operating teams across all of our platforms that have worked collaboratively and effectively alongside our residents and our tenants in a challenging environment for all concerned. We believe our diversified portfolio, with high quality assets in strong Sunbelt markets, positions us well to create shareholder value over the long term.”
The following chart details cash collections of rental revenues across all our verticals for the month April.
|
2020 Cash Collections of Certain Rental Revenues (1) |
||||||||||||
|
January |
February |
March |
April |
|||||||||
|
Multifamily |
99.4 |
% |
99.4 |
% |
99.1 |
% |
97.7 |
% |
||||
|
Student housing |
99.8 |
% |
99.9 |
% |
99.5 |
% |
97.3 |
% |
||||
|
Office |
99.7 |
% |
99.5 |
% |
98.7 |
% |
96.3 |
% |
||||
|
Grocery-anchored retail: |
||||||||||||
|
Grocery anchors |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
||||
|
In-line tenants |
98.7 |
% |
98.9 |
% |
95.8 |
% |
66.7 |
% |
||||
|
Occupancy: |
||||||||||||
|
Multifamily |
95.1 |
% |
95.5 |
% |
95.7 |
% |
94.3 |
% |
||||
|
Student housing |
96.1 |
% |
96.3 |
% |
96.2 |
% |
96.2 |
% |
||||
|
Percent leased: |
||||||||||||
|
Office |
96.3 |
% |
96.3 |
% |
96.7 |
% |
95.9 |
% |
||||
|
Grocery-anchored retail |
92.9 |
% |
92.6 |
% |
92.6 |
% |
92.5 |
% |
||||
|
(1) Percent of revenue billed includes base rent, operating expense escalations, pet, garage, parking and storage rent. Figures are before any effect of rent deferrals. |
Our net loss per share was $(4.44) and $(0.66) for the three-month periods ended March 31, 2020 and 2019, respectively. Funds From Operations, or FFO, for the three months ended March 31, 2020 was $(3.42) per weighted average share and unit outstanding and includes costs associated with the acquisition of Preferred Apartment Advisors, LLC (our “Former Manager”) of approximately $178.8 million. Excluding these costs, our FFO per share was $0.31 for the three months ended March 31, 2020. Core FFO was $0.38 for the three months ended March 31, 2020, as compared to $0.41 for the three months ended March 31, 2019.
For the first quarter 2020, our declared dividends to preferred and Common Stockholders and distributions to Unitholders exceeded our NAREIT-defined FFO result for the period, which was negative. Our Core FFO payout ratio to Common Stockholders and Unitholders was approximately 69.4% and our Core FFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 64.4%(B)
Our AFFO payout ratio to Common Stockholders and Unitholders was approximately 55.9% for the first quarter 2020. Our AFFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 59.3% for the first quarter 2020. (B) We have approximately $20.2 million of accrued but not yet received interest revenue on our real estate loan investment portfolio.
For the quarter ended March 31, 2020, our same-store multifamily rental and other property revenues increased approximately 3.4% and our operating expenses increased 2.1%, resulting in an increase in same-store net operating income of approximately 4.3% as compared to the quarter ended March 31, 2019.(C) For the first quarter 2020, our average same-store multifamily communities’ physical occupancy was 95.5%. Our 2020 same-store multifamily portfolio represents approximately 81.7% of our aggregate multifamily units.
On January 1, 2020, Joel T. Murphy became Chief Executive Officer of the Company. Mr. Murphy will continue as a member of the board, where he has served since May 2019 and as Chairman of the Company’s Investment Committee, a role he has had since June 2018. Mr. Murphy was the CEO of our New Market Properties subsidiary for the last five years until his appointment as our CEO. Mr. Murphy succeeded Daniel M. DuPree as CEO. Mr. DuPree will remain with us as Executive Chairman of the Board.
On January 31, 2020, we internalized the functions performed by Preferred Apartment Advisors, LLC (the “Manager”) and NMP Advisors, LLC (the “Sub-Manager”) by acquiring the entities that own the Manager and the Sub-Manager (such transactions, collectively, the “Internalization”) for an aggregate purchase price of $154.0 million, plus up to $25.0 million of additional consideration to be paid within 36 months. Additionally, up to $15.0 million of the $154.0 million purchase price was to be held back and is payable to the sellers less certain losses following final resolution of certain specified matters. Pursuant to the Stock Purchase Agreement entered into on January 31, 2020 the sellers sold all of the outstanding shares of NELL Partners, Inc. (“NELL”) and NMA Holdings, Inc., parent companies of the Manager and Sub-Manager, respectively, to us, in exchange for an aggregate of approximately $111.1 million in cash paid at the closing which reflects the satisfaction of certain indebtedness of NELL, the estimated net working capital adjustment, and a hold back of $15.0 million for certain specified matters.
During the first quarter 2020, the borrowers of the Dawson Marketplace, Falls at Forsyth, and (in conjunction with our acquisition of the underlying property) Altis Wiregrass real estate loans repaid all amounts due under the loans, including aggregate principal amounts of approximately $53.9 million and interest accrued in periods prior to the first quarter 2020 of approximately $8.9 million, the latter of which was additive to our first quarter 2020 AFFO result. The three mezzanine loan investments that matured this quarter yielded a weighted average 17% internal rate of return.
As of March 31, 2020, the average age of our multifamily communities was approximately 5.8 years, which is the youngest in the public multifamily REIT industry.
As of March 31, 2020, approximately 94.5% of our permanent property-level mortgage debt has fixed interest rates and approximately 3.7% has variable interest rates which are capped. We believe we are well protected against potential increases in market interest rates.
As of March 31, 2020, our total assets were approximately $4.8 billion. Our total assets at March 31, 2019, also approximately $4.8 billion, included approximately $545 million of VIE mortgage pool assets attributable to other mortgage pool participants that were consolidated due to our investments in the Freddie Mac K Program. During the fourth quarter 2019, we sold our K Program investments, realizing an internal rate of return of approximately 18%. Excluding the consolidated VIE mortgage pool assets from the March 31, 2019 total, our total assets grew approximately $570.4 million, or 13.4%.
At March 31, 2020, our leverage, as measured by the ratio of our debt to the undepreciated book value of our total assets, was approximately 53.7%.
On March 20, 2020, we delivered a written termination notice to the prospective purchaser of six of our student housing properties for their failure to consummate the purchase. Accordingly, we received an additional $2.75 million of forfeited earnest money as liquidated damages.
|
(A) We calculate the FFO payout ratio to Common Stockholders as the ratio of Common Stock dividends and distributions to FFO Attributable to Common Stockholders and Unitholders. We calculate the FFO payout ratio to preferred stockholders as the ratio of Preferred Stock dividends to the sum of Preferred Stock dividends and FFO. Since our operations resulted in a net loss from continuing operations for the periods presented, a payout ratio based on net loss is not calculable. See Definitions of Non-GAAP Measures. |
|
(B) We calculate the Core FFO and AFFO payout ratios to Common Stockholders as the ratio of Common Stock dividends and distributions to Core FFO and AFFO. We calculate the Core FFO and AFFO payout ratios to preferred stockholders as the ratio of Preferred Stock dividends to the sum of Preferred Stock dividends and Core FFO and AFFO. |
|
(C) Same store net operating income is a non-GAAP measure. See Definitions of Non-GAAP Measures. |
Today, the U.S. Environmental Protection Agency (EPA) announced four grant recipients in Georgia have been selected to receive awards totaling $1,950,000 to assess and clean up contaminated properties under the agency’s Brownfields program. Recipients include the Albany Museum of Art ($350,000), the City of Albany ($800,00), the City of Atlanta ($300,000) and Invest Atlanta ($500,000).
“These grants will provide the selected communities in Georgia with resources to clean up contaminated lands and return them to productive use,” said Region 4 Administrator Mary S. Walker. “Overall, Brownfields funding provides communities with an opportunity to convert contaminated sites into community assets that will attract jobs, encourage partnerships and achieve broader economic development outcomes.”
“Cleaning up these contaminated sites will open the door for economic development in Atlanta and Albany, while improving public health and the environment,” said Senator David Perdue. “This investment will have a tangible impact in Georgia, and I appreciate the Administration’s commitment to helping our communities succeed.”
“Cleaning up our downtown areas and neighborhoods is a good way to show that Georgia is open for business,” said Senator Kelly Loeffler. “These federal grants will help make the Peach State an even better place to call home by funding efforts in Atlanta and Albany to clean up contaminated, vacant areas for future developments. This is great news that will spur job creation by encouraging new businesses to move in and existing organizations to expand.”
“I am excited for the prospects the generous Brownfields grants give to the city of Albany and the Albany Museum of Art,” said Congressman Sanford Bishop (GA-02). “These grants will allow the Museum of Art to have a new home after storms severely damaged their current building and will enable the city of Albany to have flexibility in attracting other businesses and nonprofits to repurpose and revitalize the downtown area. The residents of Albany have been through so much recently, but now have an opportunity to enhance the community and stimulate the overall economy.”
“EPA’s grant funding has helped make it possible for communities across Georgia to clean up contaminated properties and benefit from the resulting economic growth,” said Richard Dunn, Director of the Georgia Environmental Protection Division. “Since the Georgia Brownfields Program began 17 years ago, 598 properties have been cleaned up at minimal expense to taxpayers and we are excited to add these new projects in Atlanta and Albany to that list.”
The Georgia grantees are among 155 grants that will be awarded for communities and tribes totaling over $65.6 million in EPA brownfields funding through the agency’s Assessment, Revolving Loan Fund, and Cleanup Grant Programs. These funds will aid under-served and economically disadvantaged
communities, including neighborhoods located in Opportunity Zones, in assessing and cleaning up abandoned industrial and commercial properties. An Opportunity Zone is an economically-distressed community where new investment, under certain conditions, may be eligible for preferential tax treatment. Of the communities selected this year, 118 can potentially assess or clean up brownfield sites in census tracts designated in these zones. In addition, nearly 30% of the communities selected today will receive brownfields funding for the first time.
The grant recipients in Georgia include:
Albany Museum of Art will receive a $350,000 Brownsfield Cleanup Grant. Grant funds will be used to clean up the former Belk Building located at 128 and 146 West Broad Avenue in the City of Albany. The 1.3-acre site is composed of two parcels that contain a paved lot and two unoccupied commercial brick buildings. Historic uses of the site include automotive sales and repair, a filling station and a department store. The site is contaminated with heavy metals and inorganic contaminants co-mingled with petroleum products. The site is located within a Qualified Opportunity Zone. Grant funds also will be used to support community outreach activities.
The City of Albany will receive a $800,000 Brownfield Revolving Loan Fund Grant. The grant will be used to capitalize a revolving loan fund from which the City of Albany will provide loans and subgrants to non-profits interested in cleaning up and repurposing properties in underserved areas of the city with declining commercial business and industry. Grant funds also will be used to market the revolving loan fund, oversee cleanup activities and conduct community engagement activities. Revolving loan fund activities will focus on the mostly abandoned Broad Avenue Corridor, an area with more than 20 industrial blighted structures that also serves as the main gateway into Albany’s downtown and is located within a Qualified Opportunity Zone.
“The City of Albany is excited about being awarded funding from the EPA’s Brownfield Revolving Loan Program,” said Bo Dorough, Mayor of Albany. “The RLF will assist our community redevelopment efforts by providing low-to-no interest cleanup loans to development projects that will help transform areas of commercial and industrial blight to attractive and safe new uses.”
The City of Atlanta will receive a $300,000 Brownfields Assessment Grant. The Community-wide grant funds will be used to conduct six Phase I and four Phase II environmental site assessments and develop three cleanup plans. Grant funds also will be used to conduct community involvement activities, including updating a community involvement plan, hosting public meetings and developing and updating outreach materials. Assessment activities will target the Groundwork Atlanta/Chattahoochee River area, Proctor Creek Watershed, Atlanta Area-Wide Plan area, and Jonesboro Road Rail Corridor. The four target areas contain 14 Qualified Opportunity Zones. Priority sites include a 75-acre former brick manufacturing property and the recently abandoned 1.3-acre Kudzu Line parcel in the CSX rail corridor.
“The grant will aid us in reinvigorating previously industrialized sites and ultimately lead to increased businesses, services, jobs and community improvements through their rehabilitation and rebuild,” said Tim Keane, Commissioner, Department of City Planning. “As Atlanta grows, it is important that we help create new opportunities by addressing environmental issues and thereby making our city more equitable and vibrant.”
Invest Atlanta will receive a $500,000 Brownfield Cleanup Grant. Grant funds will be used to clean up Segment 2 of the Southside Corridor of the Atlanta Beltline, which is located from the southern projection of Windsor Avenue SW to Milton Avenue SE. The site is 0.85 miles of an abandoned railroad corridor that was an active freight route between 1899 and 1914 and is currently being used as an unpaved interim trail. It is contaminated with heavy metals and polycyclic aromatic hydrocarbons. It also is located within a Qualified Opportunity Zone. Grant funds also will be used to support community outreach activities.
“The City of Atlanta has many examples, like Atlantic Station, of brownfield remediation playing a critical role in revitalizing underdeveloped areas,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “These latest grant funds will not only further development of the Atlanta Beltline’s Southside trail, but also pave the way for equity-driven investment in low-income census tracts, including the three Federal Opportunity Zones in the remediation area. We thank the U.S. Environmental Protection Division for their continued support of these strategic development efforts in our city.”
“Atlanta Beltline, Inc. is thrilled to continue our decades-long partnership with the EPA to remediate a segment of the Southside corridor and create new pathways for economic inclusion, such as the development of Pittsburgh Yards,” said Clyde Higgs, CEO of Atlanta Beltline, Inc. “Initiatives such as these strengthen workforce development efforts and incentivize nearby housing development, including new affordable units.”