A “first of its kind” affordable housing development at 918 Dill Ave., SW is coming to the Capital View neighborhood in Atlanta, and Calloway Title was honored to handle the title work and closing for this groundbreaking project. Our team is passionate about working on unique projects that make housing more accessible in every state. We aim to help communities and their residents achieve economic stability and opportunities for a more enriching, connected culture.
918 Dill Ave.: Here’s what you need to know
Developers are expanding a commercial building originally constructed in 1930. Our team completed a 100-year search into the property’s title history to ensure the deal was covered properly while helping close it. The ground floor will be transformed to include a community office space, a commercial grocer and three food service providers that aim to bring back opportunities and options around food access in the area, according to this video. Plans also include adding 18 one-bedroom and two-bedroom units on top of the structure that will be reserved for low-income households in the area to rent. This part of the project was particularly complex because the original building wasn’t strong enough to sustain vertical growth. Developers had to build a new structure inside of the existing one that could hold the weight.
“The project is being co-developed by socially minded Atlanta-based real estate companies The Guild and Urban Oasis Development, with the eventual goal being to offer community stakeholders equity in the project upon its completion,” according to this article.Co-op buyers are not purchasing real property, but instead buying shares in the corporation. The estimated price per share is $10.
Why the community ownership model?
“The community ownership model works to preserve community-serving businesses, build community wealth and promote community-led economic development from within,” according to this article. It shifts the power back to the residents, giving them the ability to make decisions that benefit their neighborhood. “Community ownership models are not themselves the endpoint, but tools for repairing longstanding harms and promoting just development without displacement through reshaping relationships between people, place, power and property,” states this article.
Eventually, the development will be completely owned and governed by its residents and those from Capitol View and surrounding SW Atlanta communities via a Community Stewardship Trust. The trust will have a governance model so community members who are now co-owners can decide what will happen to the building going forward, who gets to move into some of the retail spaces, as well as increasing economic mobility.
Why Capitol View?
The goal of this project is to reposition a community that has been declining and dysfunctional. The Capitol View neighborhood dates back to the 1900s, and it’s lost a lot of its business and vibrancy, according to this video. It’s also located in a food desert, meaning there isn’t a lot of access to healthy food. Residents have previously tried to “buy back the block,” which shows determination and makes them a great fit for this type of model. The Guild was quoted as saying, “The fact that they had attempted to do so was encouraging, since working with communities that are already organized ensures that we aren’t helicoptering in solutions.”
Together, we can make an impact and change our communities for the better through commercial real estate projects! Learn more about the development of 918 Dill Ave. here, and remember that Calloway Title can handle your complex deals in any state. Visit www.titlelaw.com to work with us!
