ATLANTA — The Atlanta BeltLine is set to expand its holdings after a multimillion-dollar deal.
According to a Thursday announcement, the BeltLine bought almost 14 acres of land along the Southside Trail in Atlanta.
The parcel, a spot at 356 University Avenue, was valued at $13.3 million.
The organization said in a statement that the purchase would help boost its commitment to fostering economic equity and job opportunities in its community.
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Over the past three years, Atlanta BeltLine, Inc. has tripled the amount of land it holds around its 22-mile loop.
ABI said its purchases are part of fulfilling its core mission which is to drive commercial and residential projects that translate into affordable housing and accessible commercial ventures for its community, with job creation in mind.
BeltLine said buying the University Avenue land, purchased from AECF Atlanta Realty LLC, embodied its pledge for inclusivity.
AECF Atlanta Realty is a subsidiary of the Annie E. Casey Foundation, a national nonprofit focusing on addressing children’s health, homelessness, and high-quality education for underprivileged Americans.
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“This is a catalytic opportunity to continue guiding equitable, inclusive and sustainable development in southwest Atlanta,” Clyde Higgs, ABI President and CEO said.
Pittsburgh Yards, owned by AECF Atlanta Realty, is described as a transformative adaptive-reuse project, and a success story for creating living-wage jobs and community empowerment.
The space purchased by the Atlanta BeltLine is near the Nia Building, a maker space. A statement from ABI said the development complex would become a “vibrant community hub” would be supported by a nearby dedicated green area, and have apartments and workspaces for residents.
“We are excited about our collective vision for a space where community is at the center and can reap the benefits and contribute to the economic growth along the Atlanta BeltLine,” Tomi Hiers, president of AECF Atlanta Realty LLC, said. “This partnership also will allow us to focus on maximizing the potential of Pittsburgh Yards® as a hub for local entrepreneurs and a resource for the community to work, create, shop and play.”
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