H. J. Russell & Company and Russell New Urban Development LLC recently completed the $22.3 million renovation of 210 affordable housing units at Maggie Russell Towers & Capitol Vanira Apartments, preserving affordable housing in the City of Atlanta for the next 20 years.
The preservation of affordable housing and the quality management of those communities is, and always has been, a commitment of H. J. Russell & Company. Today, with gentrification spreading from Atlanta’s city center outward in every direction, preserving affordable housing remains a clear and present priority for Russell as it stays true to its roots and the community. The seniors at Maggie Russell Towers and the families at Capitol Vanira Apartments live in neighborhoods in the heart of Atlanta that are experiencing extensive gentrification – Old Fourth Ward and Reynoldstown respectively. Maggie Russell Towers, built in 1982, is fondly named after the mother of Herman J. Russell.
“Our investment to enhance affordable housing underscores our dedication to building communities, and at the same time, enhancing the living environments of some of the city’s most vulnerable residents who also deserve quality housing in the heart of Atlanta,” said H. Jerome Russell, President, H. J. Russell & Company and Russell New Urban Development, LLC. “With the completion of these renovations, along with the stipulations on these projects, we have effectively preserved a significant amount of affordable housing for seniors and families in the heart of Atlanta for the next 20 years.”
Atlanta’s mayor, Keisha Lance Bottoms, recently announced the “One Atlanta HousingAffordability Action Plan” that is designed to address Atlanta’s rising housing costs and the systematic displacement of residents who have called their neighborhoods home for decades. The ‘Plan’ involves garnering $1 billion in investment from public, private and philanthropic sources that will help preserve and create affordable housing throughout Atlanta.
Residents, employees, public officials and public service organizational representatives joined the Russell New Urban Development team and their project partners for a grand reopening celebration and ribbon-cutting for the two centrally located Russell-managed affordable housing properties – Maggie Russell Towers and Capitol Vanira Apartments.
“Now that our projects are complete, it is rewarding to be able to share the $22.3 million worth of improvements we’ve made to our existing affordable housing properties with the residents and the larger community,” said Michael B. Russell, CEO, H. J. Russell & Company and Russell New Urban Development, LLC. “Preserving these 210 affordable housing units, 150 for seniors at Maggie Russell Towers and 60 for families at Capitol Vanira Apartments, is representative of our commitment to not only creating and managing quality living environments for all, but also ensuring the communities in which we operate include all.”