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Financing Authority Approves Bond for Trestletree Village Project

$15 million in bonds will be issued to offset some costs related to refurbishing.

The Urban Residential Finance Authority voted Thursday to issue up to $15 million in bonds for the upcoming refurbishing of the Trestletree Village apartment complexes in Ormewood Park and Grant Park.

The vote was unanimous.

Denver-based Community Housing Concepts Inc. purchased the Trestletree properties in 2012, which includes the the 80-unit Trestletree North at 794 Ormewood Ave. SE in Grant Park and the 108-unit Trestletree South at 904 Confederate Court SE in Ormewood Park.

The company is projecting it will spend $22.8 million on the project, which includes the acquisition costs.

Dara February 22, 2013 at 12:38 PM
In reality, I doubt even a 1/4 of this money goes into refurbishing, perhaps I'll be proven wrong. But honestly why are these complexes still in our neighborhoods being "managed" the way they are? Where is our opinion regarding the future of these properties? I'm certain there is a larger number of my neighbors opinions against Trestletree than for Trestletree. We need to form a coalition against the continuance of this type if development in our neighborhoods!
Steve Trask February 22, 2013 at 02:13 PM
I have to agree with Dara - these two communities are the main sources of crime in our area.
Will Dean February 22, 2013 at 02:18 PM
As someone who resides between the two properties, I can say that every immediate neighbor I discussed the matter with was not only against the bond issue, but would just assume see both facilities bulldozed and re-purposed. An even greater injustice is that we, the taxpayers, are going to foot the majority of the bill for this. I know the matter was discussed with our elected rep, but the AHA and Invest Atlanta already had their agenda planned and basically ignored her.
Péralte Paul (Editor) February 22, 2013 at 03:23 PM
Hey, everyone. When the AHA razed a number of its properties, it had the authority to do so because those were city-owned properties. Trestletree Village and Bedford Pine in Old Fourth Ward, to cite another example, are private companies with federal contracts that thy have to fulfill. The company purchased Trestletree Village last year, but still is obligated to fulfill the existing contract with the feds.
Chuck February 22, 2013 at 03:35 PM
This is not a taxpayer funded project. This is a privately funded project, but instead of the developer going to a bank for financing, they are getting a loan from URFA (Invest Atlanta, formerly Atlanta Development Authority). URFA is getting the money from selling low interest bonds. The developer is getting a low interest loan in exchange for providing rental housing for low income residents.
S4m February 22, 2013 at 04:40 PM
Look, they have a 50 year contract to be section 8 housing. It is not going to get bulldozed. I live in OP down the street and it annoys me too but there needs to be a legitimate suggestion on how to make it safer, not "let's blow it up".
Andy B February 22, 2013 at 09:50 PM
Yep, tough subject. I don't want to be a proponent of gentrification but some sort of improvement is needed. Maybe construction is a long time off, but I'm just wondering why new roofing is being done as I write this. Sounds about right for City of Atlanta money management...
dorothy buono pirzad February 23, 2013 at 12:57 AM
A lot of talk going on here about the nuisance factor of these communities...yeah,community...there may be some troublemakers there but there are also a lot of good hard-working folks who have lived there a longtime. How long have you been here ? I'm not liking the classist tone of these protests.
dorothy buono pirzad February 23, 2013 at 01:00 AM
Oh, it says "reject" by my comment..really? Who does the rejecting?
Dara February 23, 2013 at 01:05 AM
Is anyone aware of how many of these contracted 50 years have tickered by thus far?
Scott_Grant_Park_East_Side February 23, 2013 at 02:44 AM
Dorothy, I have lived next to this ghetto for over 15 years. They have always been a nuisance. The neighborhood met with property management to discuss issues with crime.l... Discussed installing lighting, video cameras, parking permits,etc. A security guard was hired (supposed to be hired) and that hasn't cut down on the gunshots in the middle of the night. My property has been stolen, bullets found in my roof, and countless nights listening to car stereos blast from the apartments. Can you sense my tone?
Scott_Grant_Park_East_Side February 23, 2013 at 02:52 AM
Dara, It is a 20 year contract. It is my understanding the contract was set to expire Sept of this year. However, another 20 year term was signed Oct. of last year. That puts the expiration at 2032/2033. If mistaken, I hope somebody corrects me.
Jon February 23, 2013 at 02:39 PM
Does anyone know if they're broadening the scope of the project? In other words are they adding more units? That's my greatest fear. I feel like the neighborhood is barely managing with what's there now. An expansion will inevitably lead to even greater crime.
Jason in GP February 23, 2013 at 02:59 PM
I support the concept of subsidized housing and, even as a nearby resident, cannot really complain about the existence of Trestletree - it was here before me. I also speculate that TT is one of the safest, and thus most impactful, of all public housing properties in Atlanta for its tenants. With Parkside ES and the Boys & Girls club nearby, there is great opportunities for less fortunate kids here. However, this move reeks of missed opportunity, and cannot be undone for some time. I worry about the impact this has on the potential SE Beltline. The BL is driven by economic development. TT significantly limits, and probably discourages, investment. I thought TT south could/should have been redeveloped into a mixed-use, mixed-income hub for the BL. A final note: SE Atlanta needs to find a voice. We're last on the list for pretty much everything at City Hall - if we're on the list at all. (Not counting sidewalk code enforcement, of course - but that's not very enviable)
Jason in GP February 23, 2013 at 03:02 PM
No expansion of tenant capacity. Just refurbishing the existing units and new community center(s).

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