How Churches Can Smartly Monetize Their Assets to Benefit Their Community [ Legacy at Vine City Project Update ]

LEGACY AT VINE CITY: PROJECT UPDATE

ATLANTA, GEORGIA | 26Sept2019

Last spring, a project we take great pride in – Legacy at Vine City – had its historic groundbreaking. This 20 million dollar senior affordable housing complex is being developed by our non-profit client Beverly J Searles Foundation (BJ Searles) in partnership with the Higher Ground Empowerment Center (HGEC), a local church which owned the property. It’s located near the Mercedes Benz Stadium and will ultimately house 105 of Atlanta’s citizens in cozy, contemporary and fresh one and two bedroom units. One of the biggest proponents of this project – Atlanta City Councilmember Ivory Young – unfortunately passed away just seven months after its groundbreaking. An architect by trade and proud Alabama native, Young was active in the revival of the westside of Atlanta, having also played a major role in the Mercedes-Benz Stadium project, the MLK Drive corridor renewal effort and more. Ivory was determined to see Legacy at Vine City come to fruition. All of us involved with this project have now picked up his torch and are determined to see it through to honor his memory and his own legacy with this project and city.

Atlanta City Councilman Ivory Young speaking at the groundbreaking of Legacy at Vine City.

ground breaking pic at Legacy at Vine City, Atlanta, shovels and hardhats

Atlanta City Councilman Ivory Young, fourth from left, along with Atlanta Mayor Keisha Lance Bottoms, Bishop Dexter Johnson of HGEC and Philip Searles of BJ Searles.

Below is more information on the history of Legacy at Vine City, LDG Consulting’s involvement in this project along with an update on progress to date and the project’s latest expected completion date.

Higher Ground Empowerment Center

HISTORY OF LEGACY AT VINE CITY

The Legacy at Vine City deal took nearly five years to close. BJ Searles (BJS) first approached Bishop Dexter Johnson of HGEC about this project, setting it all in motion. HGEC then contributed a surface parking lot and BJS purchased some additional single-family lots surrounding the property, making the entire project take up three quarters of the residential block. The property will sit across the street from the front door of the church. The financing of Legacy was no small feat – involving a variety of diverse entities such as Invest Atlanta, Atlanta Housing, PNC Bank and the Georgia Department of Community Affairs.

Bishop Johnson of HGEC fought long and hard to ensure that Legacy at Vine City would be a superb place to live for its future residents. He took great pride in this project and sincerely wanted and expected the units in this complex to be of the highest quality and aesthetics possible.

LDG CONSULTING’S INVOLVEMENT

Alrich Lynch, owner of LDG Consulting, used to live in the Vine City neighborhood for nearly a decade. Early on, LDG helped to frame the discussions on MBE (Minority Business Enterprise) participation working not only with BJ Searles and HGCE but the contractor, Fairway Construction, as well. LDG also provided additional guidance and advisory services regarding the commercial real estate process and the industry to HGCE – an entity that, understandably, is not used to dealing with commercial construction projects (most churches aren’t). “It’s almost like we were a translator. When you’re not used to the terminology and you’re not sure what should or should not be happening, you just don’t know what you don’t know. You need someone to look out for you.” In that way, LDG served as a protector for our client, looking out for their best interests even when they would have no way of knowing what to look out for themselves.

LDG laid out the roadmap of what was to come and took the time to educate HGEC about the process. “This project shows how churches can smartly monetize their assets to benefit the community. This is a model that we’re seeing other churches and church-related foundations embracing,” Lynch said.

“On all accounts, we predict that there will be an outsized demand for these units and it will immediately have a wait list. We’ve seen this on all of our projects, which continues to highlight the lack of good quality affordable housing for seniors in this country – but definitely here in Atlanta. We continue to encourage policymakers and stakeholders to work with developers who provide projects of this quality and caliber.”

To learn more about LDG Consulting Services, visit LDGconsulting.com/services.