Monday, February 3, 2014

Historic Briarcliff Summitt Renovation

Briarcliff Summit Apartments was originally built circa 1900 as a hotel by Atlanta businessman Asa Chandler who is most well known for founding and building The Coca-Cola Company.

 This iconic historical structure operated as a hotel for many years but was converted into its current use as low income housing in the 1980s. The conversion of the property resulted in the creation of 201 units of affordable housing, comprised of a mix of studio, one bedroom and two bedroom apartments which serve elderly and disabled residents. It was also during this period that the property was placed on the National Register of Historic Places, solidifying its importance as a cultural and historic resource within the Virginia Highlands Neighborhood of Atlanta.

Evergreen Partners acquired Briarcliff Summit in August 2012 using the proceeds from a combination of sources including the sale of Federal and State Low Income Housing Tax Credits, Historic Tax Credits, new HUD 221(d)(4) financing and subordinate debt provided by Invest Atlanta (City of Atlanta). The property is currently undergoing substantial interior and exterior renovations, the result of which will significantly modernize the building functionally,but also preserve and stablize of its historic features. To help support the long term affordability at Briarcliff, Evergreen was able to secure a new 20-year Section 8 HAP Contract from HUD which provides much needed rental subsidy to 99% of the apartments at the property. The long term rental subsidy, coupled with our renovation plan for the property, will ensure that Briarcliff Summit remains a stable and high quality source of affordable housing serving the City of Atlanta for many years to come.

Briarcliff Summit Apartments
1050 Ponce de Leon Avenue
Atlanta, Georgia 30306
(404) 872-8214

Photo credits : D.G.Whitefield

No comments: