A 100-unit affordable senior apartment community will break ground soon in Doraville on the site of the former General Motors Plant.
A statement released by real estate developer The Integral Group said that McShane Construction Company has been selected to build Veranda at Assembly, which will feature one-and-two-bedroom units on a 2.9-acre tract of land. The four-story building will offer about 3,000 square feet of amenity space, including a bistro, fitness room, yoga room, and a rooftop terrace.
“We’re pleased to begin our fifth job in Georgia with The Integral Group,” McShane Vice President Brian Wood said. “Veranda at Assembly will provide an affordable option for seniors looking to maintain their independence, making it a great addition to Atlanta.”
The statement didn’t elaborate on the rental rates for the units, but a market feasibility analysis prepared by Real Property Research Group for Integral in 2019 said 30 of the apartments would be available for households earning up to 30% of the area median income, 25 for households earning 60% of the area median income, and 25 for households earning 80% of the area median income. The remaining 20 units would be rented at market value. The monthly costs would range from $415 for the lowest tier to $1,150 for the market-value apartments.
The entire complex will be restricted to renters 55 years or older, according to the market analysis.
Units will range from 692 square feet for a one-bedroom to 912 square feet for a two-bedroom.
Construction is expected to be completed in June 2024. The report said Veranda at Assembly will be financed in part by low-income housing tax credits allocated by the Georgia Department of Community Affairs.
The Assembly, according to the analysis, “is zoned for more than 10 million total square feet of office, residential, retail and studio space with approximately 10 acres committed to public parks, green spaces, and bike/walking trails.”
Currently, Third Rail Studios and the Simmons SERTA corporate headquarters are anchor tenants in the complex. Future development plans include a movie theater, a brewery, a hotel, owner-occupied townhomes, and retail space.
The GM plant closed in 2008 after more than 60 years of operation. The land was purchased by the Integral Group in 2014.
McShane Construction Company, a female-owned company, was established in 1984 and is headquartered in Rosemont, Ill. with regional offices in Auburn, Ala., Irvine, Calif., Madison, Wis., Nashville, Tenn., and Phoenix, Ariz.