Development Authority approves bonds for affordable apartment complex



The 80 multi-family apartments will be located on approximately 14.3 acres near Ga. 400-Ga. 53 intersection at 65 North 400 Center Lane. Work should start the first week of October.

Atlanta-based Landbridge Development proposed the project in 2019. The company and company director Gary Hammond will co-own, along with the resort’s limited liability company. Fairway Management Co., who previously worked with Landbridge, will manage the day-to-day operations of the development.

At the March 19, 2019 meeting, the Dawson County Planning Commission approved a request for an exemption and rezoning order for the apartment complex. At the June 2020 DADC meeting, Hammond gave a detailed presentation of the project. Its value was $ 16.8 million.

On July 28, 2020, the first public hearing took place on the bonds. No public comment was offered at this time. Then, on September 3, 2020, the Council of Commissioners approved DADC to go ahead with the resolution to issue the bonds to Peaks of Dawsonville. This approval had to be renewed in September 2021 as it only lasted for one year.

The second legally required public consultation meeting took place on August 24, 2021.

Wednesday’s meeting was also used to approve bond interest rates, which are 0.28%. Issue costs of $ 75,000 will be paid out of the $ 10 million and returned to DCDA since they were not initially deducted. The bonds will mature on October 1, 2023.

Apartment costs and amenities

The market analysis firm, Bowen National Research, prepared a feasibility study for the Peaks of Dawsonville. The company specifically cited how the complex could be developed by accessing funds from the state’s Department of Community Affairs Low Income Housing Tax Credit (LIHTC) program.

its dollar-for-dollar tax credit encourages the use of private equity to create affordable housing options for low-income Americans, according to the 2019 report.

The Peaks of Dawsonville will target a portion of its homes to low-income families earning 50 and 60 percent of the area’s median household income (AMHI).

The complex will consist of 12 one-bedroom units, 40 two-bedroom units and 28 three-bedroom units across five two-story residential buildings with no elevator.

Each apartment will have a full size Energy Star washer and dryer. Other amenities will include a stove, refrigerator, microwave, garbage disposal, dishwasher, ceiling fan, central air conditioning, patio or balcony, and outside storage cupboards .

The future 1,735 square foot community building will include a kitchenette, wellness center and gyms. Outdoor facilities will include a playground, a picnic pavilion with a grill area and a community garden. Passarello said the development will also result in a passive park on its outskirts.

He added that once the complex opens, its management will be responsible for reporting federal compliance with housing a proportion of low-income residents and connecting them to services such as health care, exercise or transport.

After two years of approving different stages, Hammond expressed his excitement about starting building during a call with DCN. In particular, he was pleased with the prospect of food services, retail businesses and other nearby workers living closer to their workplace, reducing commute times.

“I walked into the Burger King [in front of the development] the other day to introduce myself to our neighbors, ”Hammond said. “I was talking to one of the workers and they said they wanted to be the first resident. ”

Construction of the complex is expected to be completed in November 2022.


Leave A Reply

Your email address will not be published.