T
he RBH Group is moving forward with its third "Teachers Village" income-restricted development in Atlanta, thanks to a $370 million bond approved by the Development Authority of Fulton County. The project will include a 34-story tower at 98 Cone Street in downtown Atlanta, featuring 430 apartments, 458,000 square feet of retail space, and 206 parking spaces. The developer, based in New Jersey, plans to buy the quarter-acre property but has not disclosed the seller's identity.

    The apartments will be a mix of studios, one-bedroom, and two-bedroom units, with 163 of them (about 38%) reserved for individuals making less than 120% of the area median income, which is $90,360 for an individual or $129,000 for a household of four. Forty apartments (less than 10%) will be reserved for those making 80% of the area median income, which is $60,240 for a single person or $86,000 for a household of four. All of these units will be reserved for teachers.

    The remaining 227 units will be for seniors and will be priced about 15% below market rate. This project will replace a parking structure near Centennial Olympic Park. According to RBH CEO Ron Beit, this project will be the largest middle-income housing project of its kind in the country. The project could also receive low-income housing tax credits and $30 million in public financing incentives through Invest Atlanta, the city's economic development arm.

    This project is RBH's third Teachers Village, following similar developments in Newark, New Jersey, and Hartford, Connecticut, which were both delivered before 2019. Construction on the Atlanta development is expected to start later this year and take about a year to build.

    Other transformative projects in downtown Atlanta include the $5 billion Centennial Yards redevelopment and the upcoming conversion of 2 Peachtree into the city's tallest residential building.