Atlanta, GA Wingate Multifamily, a newly formed affiliate of Wingate Companies of Newton, MA, closed on Boulevard North, the fourth phase of Wingate’s multi-phase redevelopment in the Old Fourth Ward neighborhood. This development, comprised of 88 new construction units, aims to offer secure and well-appointed affordable housing options for families previously residing in a portfolio of properties known as Bedford Pines.
The completion of Boulevard North represents an advancement in the realization of Wingate's comprehensive 'City Lights' masterplan for the Old Fourth Ward.
Construction commenced in January 2024 and is expected to be completed in July 2025. Upon completion, 387 units out of the total 733 units that comprise Bedford Pines will have undergone redevelopment. The subsequent phase, called North Block, is projected to close in December 2024. The last and final phase known as City Lights South is under application with DCA for 4% tax credits.
Boulevard North represents a step in Wingate's ongoing commitment to preserving and enhancing affordable housing options in one of the fastest changing submarkets in Atlanta.
John Tatum, senior vice president of acquisitions and development, said, “Thank you to all our partners for staying the course with us through a challenging financing environment in 2023. We would not be here today without your focus, patience, and creativity. We are excited to finally be able to put a shovel in the ground.”
The 'City Lights' masterplan is a collaborative initiative that charts the course for the future, envisioning the redevelopment of approximately 700 additional units of both affordable and market-rate housing. This plan unfolds in stages, with the closure of Boulevard North serving as a significant milestone in the broader objective. Following the redevelopment of the 733 legacy Bedford Pines units, the 'City Lights' masterplan reflects Wingate's vision for sustainable and inclusive urban development in the Old Fourth Ward.
Boulevard North and City Lights as a whole would not be possible without the support from many partners. Their unwavering commitment and collaboration have been instrumental in making these initiatives possible and ensuring their success.
“With the continued support of the city of Atlanta, DCA, HUD, councilman Amir Farokhi, and the Old Fourth Ward community, we are eager to continue to make the vision for City Lights a reality”, said Mark Schuster, president and CEO of Wingate Companies.
The funding for this project comprises a diverse range of sources, demonstrating a collaborative effort. Key contributors include Hudson Housing Capital, JP Morgan Chase, PGIM (HUD FHA 221d4 financing), Urban Residential Finance Authority's Tax Exempt Bonds facilitated by Invest Atlanta, Lease Purchase Bonds from the Atlanta Development Authority, loan funds from the Urban Residential Authority Housing Opportunity Bond Fund through Invest Atlanta, as well as the Georgia Department of Community Affairs HOME loan funds. This multifaceted financial approach underscores the cooperation of various entities to make Boulevard North and City Lights a reality.
Additional development partners include, JM Wilkerson Construction Co., Inc., Geheber Lewis Associates, J. Lancaster Associates, Hunter MacLean, Vorys Sater, Seymour and Pease LLP, Arnall Golden Gregory LLP, , Krooth & Altman, Hunton Andrews Kurth, LLP, Kutack Rock LLP, Coats Rose, PC, Stifel, Nicolaus & Company, Inc., Coats Rose PC, Holland & Knight LLP, Regions Bank as Trustee, Maynard Cooper & Gale, P.C., Albert Risk Management Consultants, and Yates, LLC.
Local partners include mayor Andre Dickens and the city of Atlanta, councilman Amir Farokhi and his chief of staff Jay Tribby, FWW and FWA Neighborhood Association presidents Catherine Chase and Terry McColl, Caleb Racicot of TSW Architects and former Wingate team-member Rod Teachey