Pennrose, Atlanta Housing, the City of Atlanta and Hunt Cos. have started work on the final phase of a mixed-income apartment project in Atlanta. Commercial Edge reports the project called Herndon Square has secured $73 million in financing from numerous sources for its Phase III construction. The master plan for the multi-phase project calls for a total of 379 multifamily units across two mid-rise buildings, 97 senior units that were completed in Phase I, 32 townhomes, and a commercial-use building with a grocer along Northside Drive.Â
Phase III of Herndon Square is slated for completion in the second quarter of 2027. The third phase will include 178 one-, two- and three-bedroom units of mixed-income housing. It is set to feature 27 market units and 151 affordable Low-Income Housing Tax Credit homes available to families at 30 to 80 percent of the Area’s Median Income.
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