Amsterdam Walk: What the New Tax Deal Means for Affordable Housing

What is happening at Amsterdam Walk?

Portman Holdings plans to redevelop Amsterdam Walk, the shopping center at 500 Amsterdam Ave. NE along the Beltline near Piedmont Park, into a mixed-use community. The first phase is planned at about 674 apartments, 174 of them income-restricted.

What did Invest Atlanta approve?

Invest Atlanta’s board approved a bond deal projected to save Portman about $14.8 million in property taxes over 10 years. As part of the agreement, Portman adds 39 apartments for households earning up to 80% of area median income. Those join 135 income-restricted apartments already tied to a 2025 package of $19.3 million in tax-exempt bonds and a $2 million Beltline Tax Allocation District grant. Affordability is set for two consecutive 99-year terms, and the affordable homes will be built on site.

How much will the affordable apartments rent for?

The 39 new apartments rent for about $1,768 to $2,451 a month, depending on size. Market-rate units in the plan range from about $2,191 to $5,680.

What are people saying about the deal?

Portman says the plan offers more affordable homes and deeper affordability than the city would otherwise require, with the goal of delivering “meaningful long-term affordability in one of the wealthiest areas of the city.” Invest Atlanta board member Dana Barrett noted that affordable housing is “very, very hard to do in Midtown and these wealthier areas.” Some neighbors have raised concerns about density, traffic on Monroe Drive, and the use of tax incentives. Atlanta Public Schools board vice chair Ken Zeff also raised concerns about the impact on school tax revenue.

When will construction start?

Construction is expected to begin in spring 2027, with the first phase targeted for summer 2029.

Will these rents help make this part of the Beltline more accessible? We’d love to hear what you think. Keep exploring what’s happening in your neighborhood right here on ATL Vibes & Views.