Atlanta Housing Seeks Development Partner to Transform Historic Stadium Hotel

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Nov 04, 2024, 13:06 ET

Revitalization of 450 Hank Aaron Drive will deliver affordable housing and economic vitality to Summerhill

ATLANTA, Nov. 4, 2024 /PRNewswire/ -- Atlanta Housing (AH) has issued a Request for Proposals (RFP) for the redevelopment of the landmark 450 Hank Aaron Drive property, inviting developers to reimagine this historic property as a high-quality, mixed-income community with affordable housing, community-centric retail, and open spaces. Built in 1973 and commonly known as Stadium Hotel, the former Ramada Plaza has been a fixture of Atlanta's skyline, serving generations of visitors attending Braves games and other downtown events. Now vacant, the site is primed for transformation into an inclusive community that honors the neighborhood's legacy while being a key part of its renewed momentum.

"Together with our developer partners, we will breathe new life into an empty commercial property, transforming it into a place to call home and one of opportunity," said Terri Lee, President and CEO of Atlanta Housing. "This project offers developers a chance to create a vibrant, welcoming residence for over 250 seniors and families—a place where people of all backgrounds and generations can connect and thrive."

The redevelopment will strengthen the ongoing economic and community growth in Summerhill by attracting new residents, businesses, and investment to the area. Located near key Atlanta attractions, such as the Georgia State University athletic campus, Center Parc Stadium, and the bustling Georgia Avenue corridor, the project will play a critical role in Atlanta Housing's mission to expand access to affordable, quality homes in the city's center, bolstering a growing, blended community.

Project Highlights:

Adaptive Reuse and New Construction: The project is an adaptive reuse of the 15-story tower, creating approximately 250 age-restricted, affordable rental units for residents 55 and older. Ground-floor commercial spaces will also be designed to support local businesses and enhance neighborhood connectivity.
High-Quality, Community-Oriented Design: Emphasizing sustainable building practices, the development will incorporate resident-friendly amenities and access to transit, creating a welcoming space that reflects Summerhill's historic charm and energetic atmosphere. The selected development partner will work closely with local stakeholders and neighborhood associations to ensure the project aligns with community priorities.
Public-Private Partnership Model: Leveraging a robust public-private partnership approach, Atlanta Housing will collaborate with the selected developer to maximize resources and prioritize sustainable construction. This partnership is designed to balance affordability with high-quality standards, delivering a transformative development that enhances both the local economy and community life.

Anticipated Timeline:

Execution of Master Development Agreement (MDA): Within 75 days of developer selection
Initial Financial Closing: 12 months post-MDA execution
Project Completion: Full occupancy and site work expected within five years

Atlanta Housing is actively seeking developers who are passionate about making a meaningful impact through mixed-use and mixed-income housing. Interested developers can view the full RFP and submission requirements HERE.

ABOUT ATLANTA HOUSING

President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. AH carries the prestigious Moving to Work (MTW) designation and serves as an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 people through its AH-owned residential communities, tenant-based and project-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of homeownership attainable for more Atlantans. Atlanta Housing programs are funded by the U.S. Department of Housing and Urban Development.

Visit AH at www.atlantahousing.org or follow us on social media @housingatlanta.

SOURCE Atlanta Housing