By Collin Kelley
Before the economic collapse in 2008, Atlanta was building condo buildings so fast it was nearly impossible to keep up with all the developments. Fast-forward five years and focus has shifted to a staggering ramp-up in the development of apartment complexes.
From high rises in Midtown to low-rises clustered along the Atlanta BeltLine’s Eastside Trail, the trend is toward luxury apartments with high-end amenities and retail on the ground floor or within steps of the front door.
One can’t help but wonder if this is another bubble about to burst, but local experts think the economic crisis hit a reset button on city-dwellers’ priorities.
Tim Trifilo, a real estate expert at Midtown’s PricewaterhouseCoopers, said renting an apartment has become attractive for a number of reasons, including difficulty qualifying for a mortgage, more people working from home and the desire for a “live, walk, work” community.
“Live, walk, work is the new buzz,” Trifilo said. “People want to be closer to retail, restaurants, the arts and what the city has to offer. Trends show that many people are also sick of their commute into Atlanta and are giving up the burbs to move back Intown.”
Young professionals who don’t want to be tied down by homeownership are driving the new developments, and builders are responding with resort or condo-style amenities like lounges, pools, terraces and onsite retail and restaurants, Trifilo said. There’s also a desire to live near easy access to transit, such as MARTA and the BeltLine, and the ability to bike to work or to a greenspace like Piedmont Park.
In Buckhead, there are currently 6,737 planned apartment units, according to figures released by the Buckhead Coalition. That’s 21 different projects, but some are still in the early development phase, according to Coalition President Sam Massell. “It’s quite an impressive story, isn’t it?” Massell said about the new apartment boom.
For this feature, we’ve focused on the biggest projects that have been formally announced and named by the various developers. Our sister publication, Buckhead Reporter, created a map showing all the announced and proposed apartments in Buckhead, which you can see at this link along with additional reporting by Dan Whisenhunt. To see renderings of all the Intown apartments featured here, check out our digital edition at this link.
AMLI Ponce Park
AMLI has staked its claim along the BeltLine’s Eastside Trail in the Old Fourth Ward with two other apartment complexes, and is now building AMLI Ponce Park at 641 North Ave. on part of the old Masquerade nightclub parking lot. It’s just steps from Historic Fourth Ward Park and across the street from Ponce City Market. The 305-unit building is expected to open in Spring 2014.
Dubbed BoHoO4W, these one-and-two bedroom apartment homes off Glenn Iris Drive overlook the Historic Fourth Ward Park and the BeltLine. The 276-unit development, which has 10 different floor plans to choose from, is expected to begin leasing before the end of the year.
The Flats at PCM
Those who want a shot at one of the 259 residential units at Ponce City Market need to get on the waiting list now at flatsatpcm.com. Located inside the massive mixed-use redevelopment of the Sears/City Hall East building in the Old Fourth Ward, the homes will include original details such as steel sash windows, exposed ceilings, architectural columns and European-style kitchens.
The latest development from Perennial Properties is being built on a hillside above The Masquerade and adjacent to the BeltLine at the corner of North Avenue and Somersett Terrace. Expected to open in Spring 2014, the 228-unit building will have lofts and flats with one to three bedrooms, hardwood and concrete floors, bocce ball court, and a pool overlooking the Historic Fourth Ward Park.
280 Elizabeth Street
Construction is underway in Inman Park on this mixed-use development, which will feature 167,000 square feet of multi-family and 38,957 square feet of retail space at the corner of Elizabeth and North Highland. There will be 200 apartments in the complex, each with a balcony or outdoor space, ranging from studios to two bedroom townhouse-style apartments, which will face a lake and greenspace at the property’s center. Amenities will include a fitness center, club room, dog washing station, outdoor kitchen, swimming pool and rooftop terrace lounge.
Part of the historic Gulf Oil Building, designed by famed architect I.M. Pei (best known for the pyramid at the Louvre in Paris) in 1949, will be incorporated into this 280-unit apartment complex located between Piedmont Avenue and Juniper Street. The development will take up the entire block in Midtown and also feature retail space.
100 6th Street
Novare Group is putting the finishing touches on the 23-story, 320-unit building located at 6th and Juniper in Midtown, just behind Novare’s Viewpoint condo tower. The apartments will have high-end finishes and a rooftop pool, lounge, fire pit and other amenities. News on leasing should be announced before the end of the year.
Georgia Tech students who want to move out of the cramped dorms will have a new option in Fall 2015 with this 17-story high rise going up at 930 Spring Street. Being built by Inland American Communities, there will be 268 units with one to four bedroom floorplans. Amenities will include a clubroom, study lounge, 24-hour fitness center, rooftop terrace, resort style pool and on-site management. More than 10,000 square feet of retail is planned for the ground floor.
33 Peachtree Place
Wood Partners will break ground in the first half of 2014 on the first high-rise multifamily project in Midtown Atlanta to solely use natural gas for home heating, hot water and cooking. The residential/retail development, 33 Peachtree Place, will be located on West Peachtree Street and will include high-rise and mid-rise residential buildings and approximately 20,000 square feet of retail space.
Novare Group has opened SkyHouse Midtown, a 23-story luxury apartment complex at 1080 West Peachtree and is now considering building a second version in Buckhead. The Midtown location offers studio to three bedroom apartmenets with the amenities you would find in a condo building, including a 24-hour concierge and a rooftop pool and terrace area with expansive views of the city. The Buckhead version would be 26 stories with more than 300 units at the corner of Peachtree and Stratford roads.
A 355-unit luxury apartment complex is planned for the Terminus development at the corner of Peachtree and Piedmont roads in Buckhead. Circle Terminus will consist of three separate buildings with three levels of parking topped with five stories of apartments. Noted architect firm Lord Aeck & Sargent has designed the apartments’ exterior.
1000 Park Avenue
Developer John Kusmiersky is proposing at new luxury condo tower called 1000 Park Avenue, which would mirror the existing 750 Park Avenue tower in Buckhead. The 39-story building on Wieuca Road near Phipps Plaza would contain 200 units.
The largest project currently under construction is Camden Paces on East Andrews, a 376-unit complex being developed by Camden Property Trust. The project will feature one to three bedroom homes and townhomes.
The massive redevelopment in Buckhead Village will have approximately 1.5 million square feet, the completed project will include 300,000 square feet of upscale retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences. Retail will begin opening in mid-2014 with details on the homes to follow.
Post Properties will build phase two of its Post Alexander development with a 25-story development to include 340 units. Amenities that include a rooftop terrace and elevated pool deck, fully-equipped fitness center and clubroom. The project is located adjacent to Phipps Plaza.
More Coming Soon
Curbed Atlanta reported last week that a new mixed-use apartment and retail development is planned for Memorial Drive in Grant Park, while Atlanta Business Chronicle reported on a new apartment complex on Howell Mill Road in West Midtown with 200 units.