The apartments will be developed at an average cost of $82,645 per unit. Monthly rents are expected to range from $850 for a studio apartment to $1,200 for a two-bedroom, two-bath unit. Kollmann's subsidiary is based in Atlanta.

The loft project is part of the smart-growth plan being promoted by the Atlanta Regional Commission. The ARC's livable centers concept pays communities, such as Chamblee, $5 million in five $1 million annual grants for attracting a development that is accessible to public transportation.

When the projects are actually under way, communities may apply for additional grants to cover streetscapes, sidewalks and other related public infrastructure. Chamblee won a first-round grant of $40,000 to come up with a plan for 250 vacant acres around the MARTA station.