Developer Steven DeFrancis, who inherited the business in 1996 from his late father Arthur, plans several affordable housing joint ventures this year, including Auburn Glen at Boulevard and Englewood Avenue near the Martin Luther King Jr. MARTA station.
DeFrancis couldn't be reached at GlobeSt.com's publication deadline. But brokers familiar with Capitol Development's plans tell GlobeSt.com DeFrancis will also be joint-venturing the redevelopment of the King Historic District with Historic District Development Corp., a nonprofit started by Corretta Scott King, the widow of Martin Luther King.
Of that project's planned 271 units, 75% will be affordable housing and 25% rented at market rate. About 15,000 sf of commercial will be built out in the venture tentatively scheduled for completion by June 2004.
Capitol Development is also partnering with the nonprofit Atlanta Neighborhood Development Partnership to build senior housing within Adamsville Place located off Martin Luther King Jr. Boulevard and Interstate 285.
Brokers who have followed Capitol Development projects tell GlobeSt.com the company will continue to focus on Georgia and Florida sites. The firm has developed about 3,000 housing units since 1998. About two thirds of the product has been apartment units targeted at tenants earning about $45,000 annually.
To be nearer his various projects, DeFrancis has moved Capitol Development's offices from east Atlanta to a Downtown Peachtree Street office.
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