The partners' JV company, Ponce Springs Development LLC, has broken ground on the final phase of an estimated $40-million, 257-loft venture that Miller-Gallman has developed on Glen Iris Drive across from the one-million-sf, city-owned City Hall East complex, itself a planned $2-billion, near-future redevelopment undertaking. Ponce Springs is tentatively scheduled for completion in second quarter 2005.
Ponce Springs Lofts is the last building on the Glen Iris block which also includes the Troy Peerless Lofts and Glen Iris Lofts Phases I and II. Atlanta Loft Co., Miller-Gallman's property management and sales subsidiary, will market and sell the Ponce Springs lofts units at prices ranging from $138,000 to the high $200,000s.
The project will include one-bedroom and two-bedroom units, along with 12 live and work units that will allow residents to live and work in the same two-story space. The retail space and live/work units will embrace a first-floor courtyard that will offer outdoor seating for community residents and visitors.
"Design and access to nearby amenities--retail, restaurants, entertainment and green space--qualifies Ponce Springs as truly urban," says Gellerstedt Development principal Jim Privette. "Residents of Ponce Springs will be able to enjoy some of the city's finest shopping, best neighborhoods and most unique living spaces" at Ponce Springs.
The project is a strategic component of the city-envisioned City Hall East redevelopment, since Miller-Gallman is one of the bidders on the venture which is expected to be the largest undertaking of its kind in Atlanta real estate annals, local developers and brokers tell GlobeSt.com.
"Glen Iris has been critical to the rebirth of the surrounding community," says Miller-Gallman partner Jerry Miller. Gellerstedt Development is an arm of the Gellerstedt Group, founded in 2003 by Larry Gellerstedt III, former CEO of Beers Construction Co. and a longtime Atlanta business and civic leader.
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