ATLANTA — The Atlanta Beltline has purchased an office building near the Eastside Trail in an effort to address affordability concerns in one of the city’s most expensive commercial corridors.
The agency acquired the four-story building known as The Willoughby for $16.5 million. Beltline officials say the purchase will allow the property to offer below-market rental rates in an area where commercial rents have risen alongside the popularity of the trail.
Current tenants will remain in the building, which is located near the Historic Fourth Ward Skatepark and the Eastside Trail.
Officials say the acquisition supports the Beltline’s broader goals of affordability, economic development, and preventing displacement while also helping support small businesses.
The Willoughby last sold for nearly $24 million in 2019. Beltline officials say they were able to acquire the property for $16.5 million.
Tax Allocation District funds helped finance the purchase.
Since the Tax Allocation District was established in 2005, the Atlanta Beltline says nearly $1 billion in public and philanthropic investment has helped transform the former rail corridor.
WSB Radio’s Graham Carroll contributed to this story.