$65 Million Development Will Deliver 146 Apartment Homes and Advance Multi-Phase Transformation of North Downtown Athens Mixed-Income Community

Athens, GA – December 1, 2025 – Columbia Residential, in partnership with the Athens Housing Authority and Jonathan Rose Companies, announced the financial closing of The Square at NoDA, the second phase of the North Downtown Athens Redevelopment, continuing the transformative multi-phase redevelopment of over 12 acres in north Downtown Athens. The Square at NoDA will deliver 146 new mixed-income apartment homes, advancing the partners’ commitment to significantly expanding housing options in the area that range from deeply affordable to workforce housing.

The Square at NoDA builds on the success of the first phase, The View at NoDA, a 120-unit mixed-income community that opened in December 2024, featuring a public park doubling as stormwater infrastructure. The multi-phase initiative revitalizes the former Bethel Midtown Village housing development, preserving existing affordable housing while creating a vibrant, mixed-income, mixed-use neighborhood adjacent to downtown Athens.

“The Square at NoDA represents continued momentum in our shared vision to create an inclusive community that serves residents across income levels,” said Carmen Chubb, President of Columbia Residential. “Through this unique public-private partnership with Athens Housing Authority and Jonathan Rose Companies, we’re delivering high-quality housing that will enhance the quality of life for Athens-Clarke County residents for generations to come.”

“We’re excited to advance this important project that expands housing opportunities in north downtown Athens,” said Sheila Crisp, Executive Director of the Athens Housing Authority. “This development demonstrates what can be achieved when public and private partners work together with a shared commitment to long-term affordability, operational excellence, and financial sustainability.”

“The Square at NoDA continues our commitment to creating communities that foster well-being, resilience, and connection,” said Sabrina Barker, Senior Director of Development at Jonathan Rose Companies. “This 146-unit phase will feature thoughtfully designed amenities, including a community room, fitness center, computer center, and courtyard, all while incorporating energy-efficient features and strategic proximity to transportation and downtown resources. We’re setting a high standard for affordable housing development in Athens.”

Community Features

The Square at NoDA will offer 146 mixed-income apartment homes with quality amenities designed to support resident well-being, including:

• Community room
• Exercise room
• Computer center
• Courtyard

Construction completion for TheSquare at NoDA is anticipated for the fall of 2027.

Development Background

The Square at NoDA is strategically located at 101 Madison Avenue, just a quarter-mile from the University of Georgia and Sanford Stadium, providing easy access to downtown Athens, the Classic Center, public transportation, and nearby parks. The development began as a redevelopment plan for the former Bethel Midtown Village and College & Hoyt senior community, designed by master planner and architect JHP based on extensive community engagement with north downtown stakeholders. This collaborative approach earned the project team a 2023 Best-in-Category Award for Public Involvement from the Georgia Planning Association.

Once completed, the entire development will significantly expand the number of affordable housing options in downtown Athens. In addition to residential units, the development will include retail and community space, creating a vibrant mixed-use neighborhood. The Athens-Clarke County Unified Government and its residents supported the redevelopment with a Special Purpose Local Option Sales Tax (SPLOST), providing $39 million to purchase the existing Bethel property and support infrastructure for all phases, including enhanced public transportation access, new city blocks, and public green spaces.

The master plan targets LEED for Communities Silver certification, demonstrating the project’s commitment to sustainability and environmental responsibility. Current residents of Bethel Midtown Village are being temporarily relocated with the option to return to brand-new homes post-construction.

Financing

The roughly $65 million development is financed with: (i) $34,787,000 of tax exempt cash collateralized bonds issued by the Athens Housing Authority; (ii) $43,856,332 construction loan from USBank; (iii) $42,627,852 in tax credit equity provided by USBank; (iv) $3,500,000 construction/permanent loan provided by the Athens Housing Authority; (v) $15,200,000 permanent loan provided by KeyBank National Association.

About Athens Housing Authority
Established in 1938 under state enabling legislation and the U.S. Housing Act of 1937, the Athens Housing Authority (AHA) has a long-standing mission to provide secure, affordable, and high-quality housing to the community. Today, AHA owns and operates 1,291 public housing units and continues to expand its efforts through innovative housing initiatives.

In addition to traditional public housing, AHA promotes homeownership by supporting homebuyer lending and constructing new infill housing. The Authority is also a recognized issuer of multifamily tax-exempt bonds and notably completed the first true private mortgage on a HUD property in the United States. Since 1985, AHA has issued over $200 million in 22 tax-exempt bond transactions, supporting the development and preservation of affordable housing in Athens and throughout Georgia.

About Jonathan Rose Companies
Jonathan Rose Companies is one of the country’s leading owners, developers, and operators of green, affordable, and mixed-income communities. Founded in 1989, with a mission to create a more environmentally thriving, socially just world through the development, preservation, renovation, and ownership of green, affordable, and mixed-income communities, Rose has created projects with more than $5 billion of value with a current portfolio of over 19,000 apartment homes in 14 states and Washington, D.C. For more information, please visit: https://www.rosecompanies.com

About Columbia Residential
Founded in 1991 by the late Noel Khalil, Columbia Residential is an award-winning Atlanta-based developer, owner, and manager of affordable and mixed-income housing. Celebrating its thirty-four-year anniversary in 2025, the company operates in Florida, Georgia, Louisiana, Tennessee, and Texas with an active development pipeline. It manages 10,000 affordable and mixed-income housing units in some 75 communities. Columbia Residential is a place-based developer and makes a lasting commitment to each community it plans, builds, and services by providing a continuum of stewardship that powers long-term investments. The company’s unique development and property management approach features strong local partnerships and an innovative model for resident services, including comprehensive onsite programming and additional resources provided through strategic partnerships with local entities that foster a strong home life and growth mindset for every resident. For more information, please visit: https://www.columbiares.com

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