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Carrollton Flats

Project Impacts

Back to Project Details: Carrollton Flats

Note: At the time of this report, SDS is in the process of collecting additional data from the project sponsor, development team consultants, local government officials, community stakeholders, and others to assess the full scope of the project’s impacts in the context of the surrounding community. The projected impacts below are based on the ASREF CRA Analysis. For more information on Impact Report methodology, please see section 1.3.

Impact on
LMI Individuals
& Communities

The project is situated in a moderate-income census tract, where over 32% of residents live below the poverty line. Twenty percent of the units will be affordable at less than 80% of the Area Median Income (“AMI”), and 90% of the units will be affordable at less than 120% of the AMI. Out of the 325 units that will be constructed, 66 of these units will be designated as affordable/workforce housing, and 5% of units will be reserved for individuals utilizing tenant-based vouchers.

Economic
Development
Impacts

840 Woodrow is located in the historic Adair Park neighborhood, one of the fastest-growing neighborhoods in Atlanta. The neighborhood is a highly amenitized area, featuring an abundance of restaurants, retail, and entertainment options. The construction of 840 Woodrow will stimulate these local businesses and the local economy by ways of traffic and small business assistance.

840 Woodrow is expected to generate a total of 1,087 jobs related directly and indirectly to the construction of the property, as well as 40+ permanent jobs. Additionally, the project will significantly increase local tax revenue. According to Develop Fulton, first-year tax contributions are projected to exceed $640,000, up from just over $16,000 in 2022.

ALIGNMENT WITH LOCAL REDEVELOPMENT PLANS

The project is currently situated on a brownfield and will take advantage of Georgia’s bond-for-title program that facilitates property tax savings for companies undertaking development projects. Woodfield Development, the project’s sponsor, has also secured two tax credits that provide an average tax benefit of 60% over the first 10 years of operation. 

Additionally, the construction of 66 affordable/workforce units exceeds the City of Atlanta’s Inclusionary Zoning requirements, which call for 10 or more units of new multifamily developments to be designated as affordable/workforce housing.

840 Woodrow is also a Transit Oriented Development (“TOD”) site that will have direct access to the Atlanta Beltline Southside Trail, the third phase of construction in the transformative redevelopment project that will connect over 45 in-town neighborhoods. The Beltline features a network of public parks, multi-use trails, and efficient transit that will reshape the rental market by providing high walkability. The project has already created over 50,000 jobs and is expected to have a projected economic impact exceeding $10 billion. 840 Woodrow aligns strongly with the economic goals of the Atlanta Beltline and will further stimulate the area’s attractiveness for investment and living.

Community And

Social

Impacts

840 Woodrow is located within the Adair Park neighborhood, right in the heart of Atlanta. The area has many popular commercial and cultural hubs like Monday Night Garage, Wild Heaven Brewery, and various local coffee shops and eateries within a 1.5-mile radius. 840 Woodrow will thoughtfully incorporate subsidized commercial space for startups and local entrepreneurs that will enhance the surrounding neighborhood, contributing to the community’s vibrancy. 

Additionally, the development embraces adaptive reuse strategies aimed at workforce development and training.The project will involve the inclusion of repurposed shipping container storefronts and an adaptive reuse of an existing building into a job training facility and headquarters for a locally based coffee roaster.

Furthermore, enhancements such as public art installations, improved streetscapes, and direct Beltline connectivity further enrich the neighborhood experience and promote walkability and cultural engagement.

Environmental 

Impacts

In compliance with the Georgia Brownfield Program’s Hazardous Site Response Act (“HRSA”), the construction of the property will begin with brownfield redevelopment and the mitigation of historical contaminants on the property. Additionally, the project will make stormwater management improvements and reduce vapor intrusion risks. 840 Woodrow will also include the installation of low-flow plumbing fixtures and LED lighting on the property. The project will target NGBS Bronze Certification upon completion. 

Through the removal of contaminants and site remediation, the health and safety of the community will be greatly improved.