First occupancy is scheduled for July with projected average apartment rents of $1,000 to $1,500 per month for 900-sf to 1,200-sf units. Condos will sell in the $150,000 to $250,000 range.
Satish Lathi, a Southeast Capital principal, tells GlobeSt.com he is confident the project will succeed even though it is surrounded by other condo developments erected in the past few years. "Most are sold out," Lathi says.
Besides its location, the Block Lofts "offers great access to Midtown, Downtown and Buckhead," key shopping and business sites for on-the-go tenants and condo owners, Lathi says. Along with the benefits of its urban location, the site is also adjacent to the Freedom Path, a 40-mile biking and jogging trail and the park-like Carter Presidential Library. Additionally, the Block Lofts site sits at the highest point in the neighborhood, "which provides excellent skyline views," the developer says.
"While many of Atlanta's submarkets have suffered recently, this infill site is expected to do very well in a submarket that is difficult to zone land for multifamily development," Lathi tells GlobeSt.com.
Southeast Capital bought the land from Blue Circle Concrete Co. for $4 million, or about $615,385 per acre. WSE Builders is the general contractor for the project.
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