Mallalieu Pointe, a 67-unit mixed-income community, has opened its doors, becoming East Point, Ga.’s first LEED Platinum building.
The $13.5 million development, which features ground-level retail and commercial space, was developed by Woda Cooper Cos. with Athens, Ga.–based nonprofit Parallel Housing.
“Mallalieu Pointe’s LEED Platinum certification is the result of following the highest standards in energy-efficient design and green building methods,” said Denis Blackburne, senior vice president, development, at Woda Cooper Cos. “Our residents can rest assured they are living in a healthy environment and they will enjoy ongoing low monthly utility costs.”
Mayor Deana Holiday Ingraham called Mallalieu Pointe an excellent example of public and private collaboration to address her city’s need for high-quality affordable housing. The complex features 60 apartments designed to be affordable for families or individuals who earn 60% of the area median income or less and seven market-rate apartments. First-floor commercial space will be home to an art studio, a beauty supply outlet, and other businesses.
“The city of East Point has initiated a fantastic effort to revitalize its downtown, and Mallalieu Pointe represents a superior live-work-play venue,” said Blackburne.
In addition to the apartments, the development offers a number of amenities, including a fitness room, an outdoor terrace, a computer center, bicycle storage, and a community room with a kitchen. Units will have fully equipped kitchens with Energy Star appliances, including dishwashers and washer/dryer hookups.
Financing for Mallalieu Pointe includes federal and state housing tax credits from the Georgia Department of Community Affairs (DCA). RBC Capital Markets invested $12.5 million in equity in exchange for those credits. Bank of America Merrill Lynch provided other critical funding, including a construction loan ($10.7 million) and the permanent long-term debt loan ($525,000).
The development is located near the East Point MARTA transit station, providing easy access for commuters traveling to downtown Atlanta or to jobs at the nearby Hartsfield-Jackson International Airport. The development is adjacent to The Commons, which the city has targeted for commercial, retail, and residential revitalization, according to Blackburne.
The property was predominantly non-utilized parking lots and buildings previously owned by the East Point First Mallalieu United Methodist Church, a longtime cornerstone in the downtown neighborhood. Several representatives of the church participated in the recent grand opening along with community leaders, representatives of Georgia DCA, Southface Energy Institute, and other supporters.
“The name of Mallalieu Pointe pays tribute to what this congregation means in the community,” said Blackburne. “The church has been a great neighbor, even inviting our construction crew to their Thanksgiving meal last year.”