Paces Preservation Partners Kicks Off Atlanta Affordable Project

Metropolitan Place will encompass 176 units.

Paces Preservation Partners—a partnership between The Paces Foundation and Soho Housing Partners—has officially broken ground on Metropolitan Place, a 176-unit affordable housing development in Atlanta. The project will take up to 18 months to complete, according to Urbanize Atlanta.

Floorplans call for one- to three-bedroom layouts ranging between 750 and 1,200 square feet. Residents earning up to 60 percent of the area median income may qualify for 144 of the units. Metropolitan Place will also include 32 units renting at market rate.

Located at 2333 Metropolitan Parkway SW, the development site is next to Route 41 and roughly 7 miles from downtown Atlanta. A local police precinct, a park and several transit stops are within walking distance.


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Development costs clocked in at $77.1 million, Urbanize Atlanta reported. The Urban Residential Finance Authority of the City of Atlanta issued $37.5 million in tax-exempt bonds with Regions Bank as trustee, Yardi Matrix data shows. The bond bears an interest rate of 2.99 percent and a maturity date of 2042.

Additional financial partners included Berkadia, Chase Bank, U.S. Bancorp Impact Finance, Invest Atlanta and the Georgia Department of Community Affairs. Metropolitan Place is also subject to a $2.9 million housing opportunity bond.

The bonds were part of a financing package issued by the City of Atlanta to support the development of affordable multifamily housing by creating or preserving 444 affordable units. One such project is Trinity United Methodist’s construction of 54 senior housing units meant to restore and repurpose the property across from Atlanta City Hall.

Also in Georgia, Paces Preservation Partners broke ground on the 120-unit Harrison Village Phase I. The affordable project is slated to replace an aging public housing community in Gainesville, Ga., whose residents will have a right to be housed at the new property upon its completion.

Expanding metro Atlanta’s affordable inventory

Metro Atlanta’s pipeline held some 1,900 units inside fully affordable projects as of January, according to Yardi Matrix data. This accounted for 5.1 percent of the total multifamily unit count underway, which clocked in at more than 38,000.

In January, affordable units made up 9.4 percent of Greater Atlanta’s total multifamily inventory, the data provider shows. Affordable completions grew in lockstep with the post-pandemic multifamily construction boom. In 2024, developers delivered more than 3,300 affordable units—a figure 13.8 percent higher than in 2023 and more than double 2021’s figure.

This year, Lalani Ventures and Exact Capital are slated to break ground on a $160 million mixed-income tower in downtown Atlanta. Of the total 405 units, 163 will be reserved for residents earning at or below 60 percent of AMI. Invest Atlanta approved the issuance of a $40 million tax-exempt bond last September.