JV Breaks Ground on $17M Ponce Springs Lofts

ATLANTA-Gellerstedt Development LLC and Miller-Gallman Developers LLC, two of the city’s biggest names in redevelopment circles, are joint venturing the $17-million, 112-unit Ponce Springs Lofts. The 1.8-acre project will also have 8,765 sf of retail with 43 parking slots. The lofts are being built at an estimated hard construction cost of $151,785 per unit.

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.