Two historic warehouses in Oakland City are set to be transformed into a transit-oriented hub with retail, office space, and multifamily lofts by 2026, with newly approved funding from Invest Atlanta.
The city’s economic development entity approved $3 million in Beltline Tax Allocation District (TAD) dollars for the construction of 126 loft units at Oakland Exchange, an adaptive reuse project along Murphy Avenue.
Developers hope to finish construction in 2026. The entire project, which costs $53 million, will turn the former Cut Rate Box warehouses into a multimodal and multifunctional destination. It’s being developed by Urban Realty Partners, a firm focused on new urbanist projects in “outstanding, emerging walkable urban locations.”
According to Urban Realty Partners, the adaptive reuse will retain many original architectural features of the building, including large windows and “rare heavy timber construction.” The 115,000-square-foot warehouses date back to the early 1900s. In 1973, they became the Cut Rate Box Warehouses.
The Beltline dollars will help fund phase one of the project’s construction, 126 housing units at varied price points. Ninety-four units will be at market level, with a $1,688 price tag for a one-bedroom unit and two-bedroom units at $2,283.
Some units are set aside as affordable housing under the Area Median Income. Invest Atlanta data shows the Area Median Income, or AMI for Metro Atlanta is $67,500 for an individual. For 20 years, 25 units will be priced at 80 percent of the AMI. Seven studio apartments will be priced at 60 percent AMI and will rent at $1,050.
“This will transform an underutilized industrial site into a vibrant, walkable and mixed-use community hub,” Invest Atlanta Multifamily Housing Director Vickey Roberts said. “It will provide multimodal, transit-oriented housing, supporting access to jobs and services and amenities.”
Oakland Exchange will also have about 15,000 square feet of retail and commercial space. Twelve thousand square feet will be on the ground floor level of the development, with additional retail space in outer buildings and containers.
20 percent of the retail space will be leased out at an “affordable rate” to support local small businesses. Roberts said the developers will work with Atlanta Beltline, Inc. to help select qualified small developers and entrepreneurs to fill the space.
The affordable space is a temporary solution — Roberts said success “would be that they grow out of being in that space and are able to move into another space.” From there, another entrepreneur will fill the affordable unit.
Invest Atlanta representatives also highlighted the development’s proximity to the Beltline, the planned Murphy Crossing redevelopment, and the planned MARTA infill station. Roberts said the area has the potential for “connectivity and neighborhood revitalization.”
The Murphy Crossing site is owned by Atlanta Beltline, Inc. but redevelopment plans with Culdesac Inc. and Urban Oasis Development fell through in January. The project was set to include affordable housing and retail and placed an emphasis on multimodal transportation.
The canceled contract left Murphy Crossing in flux. In March, Atlanta Beltline, Inc. leaders announced plans to take a more active role in development to ensure the project would stay on track. ABI will serve as the master planner and developer of the transit-oriented lifestyle hub.
Currently, the project is in planning and early development. ABI plans to break ground by late 2026 or early 2027 to add more housing and retail to Southwest Atlanta.
This and all Beltline developments should be 30% ami. The ability to call something “affordable housing” when only a hanful of units are 80% ami (and not even permanently) is disingenuous.