German Developer Plans $20 Mil Lofts Job

ATLANTA-Spotting a potential niche in metro Atlanta’s multifamily market, the United States subsidiary of Germany-based Kollmann Inc. plans to break ground in first quarter 2002 on The Lofts at 5300 Peachtree, a 242 -unit, $20 million shelter project and 5,300 sf of retail near the MARTA station in suburban Chamblee, GA, five miles northeast of Downtown.

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.