Baker Village Redevelopment

[ATLman1]

This is a must see! This is huge for South Columbus! Check out the site plan and renderings here Baker Redevelopment. If someone would post the pics from the website please do!

[ATLman1]

Councilors Approve Funding For Baker Village:

The Baker Village Revitilization Project is finally a go. Tuesday, Columbus City Council members voted to fund $3.5 million for the project. The total cost is $30 million.

Demolition will start late spring early summer assuming we get tax credits approved in September then construction will start at the end of the year or the first of 2008. Phases one and two of the five phase project are expected to be complete by 2011.

[ATLman1]

More information from the Ledger-Enquirer about the project: Baker Village

[ATLman1]

Thought I would post this to give you guys an idea of the development.

[ATLman1]

State gives complex $8 million

Baker Village construction slated to begin in 2008

The redevelopment of Baker Village is getting a critical infusion of funds needed to construct new apartments and townhouses.

The 65-year-old public housing complex in south Columbus is slated to be demolished and resurrected as a community for renters of varying incomes. Most of the units would be intended for low-income tenants.

Building the first round of 148 units would be impossible without an award of about $8 million worth of tax credits from the Georgia Department of Community Affairs, said Housing Authority Executive Director Len Williams. The redevelopment is a collaborative effort between the Housing Authority and Atlanta-based Columbia Residential Development Inc.

"We couldn't possibly make this work without it," he said. "This really means that now we're on schedule to proceed with the first phase out there."

Carrying out the first phase of the project is estimated to cost $21.4 million.

Simply put, developers of affordable housing compete for tax credits, which are sold by a third party to businesses and investors.

"This is a way to get a source of funds to do affordable housing development," said Doug Faust, vice president of Atlanta-based Boulevard Group, program manager for the project.

Demolition for the first phase of the project is expected to begin early next year. Construction should begin by next summer and end in 2009.

Another 148 units will be built in the second phase of the redevelopment. Williams said the low-income tax credits will be sought to pay for that part of the project as well.

When all 296 units are finished, Williams said about 40 acres of the property will be left over, and that the market will dictate what the housing authority builds on that land.