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3/23/2022
The Metropolitan Atlanta Rapid Transit Authority (MARTA) yesterday announced a new $100 million transit-oriented development (TOD) initiative with Goldman Sachs’ Urban Investment Group.
MARTA and Goldman Sachs officials yesterday broke ground on the future site of Skyline Apartments, a 250-unit affordable housing complex across the street from the southern terminus of MARTA’s planned Summerhill bus rapid transit system that will connect Southeast BeltLine riders to rail routes.
The Atlanta Affordable Housing and Transit-Oriented Development Initiative will support the development of mixed-income housing projects that are located close to MARTA's 38 heavy rail stations, 12 Atlanta Streetcar light-rail stops and in new transit investment corridors, MARTA officials said in a press release. The Summerhill rapid transit service is expected to be in full operation by the end of 2024.
“This $100 million increase in our initiative with Goldman Sachs supports our ongoing mission to provide an equitable and holistic approach to serving the communities in which we operate with transit and community development,” said MARTA Interim General Manager and CEO Collie Greenwood.
Goldman Sachs’ investment will bring MARTA’s targeted affordable housing initiative to $200 million. The investment company will seek to provide capital via low-income housing tax credit equity, joint venture equity and traditional construction debt.