(Read more on the multifamily market.)
ATLANTA-Site work and construction will begin later in the year on an 18-acre, $75-million development in Grant Park. The project, under development by locally based Lane Co., will include 342 apartments, 57 townhomes and an eight-acre park at the intersection of Confederate and Avondale Avenues. Occupancy is anticipated in spring 2009.
"Grant Park is a wonderful neighborhood," says Lane Co. development partner Ed Monarchik. "We plan a high-quality development that's modern, yet incorporates unique elements of its surroundings. Plus, the park will be a great spot for the families and residents who live nearby."
Monarchik tells GlobeSt.com that prices for the townhomes will range from the upper $200,000s to the lower $300,000s. The apartments will be one- and two-bedroom units with an average size of 950 sf and rents will average $1.25 per sf, or $1,190 to $1,200 per month.
"We love the neighborhood, it has a lot of history and has seen revitalization in recent years," he says. "We liked the combination of being able to provide apartments and to build a park for neighborhood."
The park, which will face Confederate Avenue, will have a playground, benches, paths, a garden, dog park, and volleyball courts. Amenities planned for the development include a pool, sundeck, fitness center and bocce ball court. The development will be located one block of the Beltline, a 22-mile loop around Atlanta where parks, trails and other smart-growth initiatives are planned.
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