The Madison (formerly The Walton) SRO
Located in the heart of historic downtown Atlanta, this single resident
occupancy property offers housing for low-income downtown workers
Having brought the first new construction SRO to downtown
Atlanta in the form of the Welcome House, PRI leveraged the knowledge gained from that successful
facility and applied it to an existing building in the historic heart of downtown Atlanta. The
Walton, as it was known then, was a vacant, ten-story failed condominium that had been taken
back by the bank. PRI capitalized on the opportunity to purchase these 128 units for a very
low price. However, obtaining the renovation was more difficult because of strident opposition
from the business community. In response to this, PRI approached Antioch Baptist Church
North, a large and influential church with an interest in housing for the "least of these".
Atlanta Mayor Maynard Jackson sided with PRI and Antioch in their quest for funding and
acceptance. Finally, PRI was able to secure the balance of the funds needed to conduct
a rehabilitation of the building. Now renamed the Madison after Antioch's esteemed and
longtime pastor, Reverend Cameron Madison Alexander, the Madison today is owned by Antioch and
home to a very-low income resident base, with Antioch providing supportive services on site.
The Madison (formerly The Walton) SRO
87 Walton Street
Atlanta, Georgia 30303
|
Property-at-a-Glance |
| Completion Date: |
1993 |
| Number of Units: |
128 |
| Developer: |
Progressive Redevelopment, Inc. |
| Architect: |
Smith Dalia Architects |
| General Contractor: |
Antioch Urban Ministries |
| Property Management: |
E.C. London & Associates |
| Funding Sources: |
- City of Atlanta CDBG Loan
- First Union Bank
- Federal Home Loan Bank, Affordable Housing Program
- Foundation Grant
- Georgia State Housing Trust Fund
|
| Development Type: |
Rehabilitation |
| Property Type: |
Single Resident Occupancy Apartments |
| Development Profile: |
80 efficiencies
40 1-bedrooms
8 2-bedrooms |
| Residential Profile: |
All units restricted to 50% of Area Median Income |
| Amenities: |
- All Utilities Included
- Laundry Facility On-site
- 24 Hour Front Desk
|
| Supportive Services provided On-site: |
Supportive services are provided on-site by Antioch Urban Ministries
on an as-needed basis. |
| Total Development Costs: |
$1,415,000 |
|