JPX Works' Jarel Portman
sent us the latest images of 280 Elizabeth, a $46M project
that has a green light. The development partnership—JPS Works (Jarel
and Bruce Fernald
) and South City Partners (which involves industry vets Mark Randall, John Long,
and Charles Welch
)—obtained equity financing
from ELV Associates, as well as construction debt from the Bank of North Georgia. The project will consist of 200 luxury apartment units
and nearly 40k SF of retail space
on a 3.3-acre site bounded by North Highland Avenue and Elizabeth Street in Inman Park.
We recently met up with Jarel and asked about the months it took to get to this point. "There were moments where you thinking could this go South,
" he says. (CRE is like playing Jenga.) But he says he kept the Inman Park neighborhood association in the loop and even solicited design ideas
from neighbors. The partnership is even spending its own capital on a culvert that will increase rainwater runoff capacity on the site to prevent flooding during 100-year events.
We can now confidently say that the NSA is a loyal reader of Bisnow! Send your news to Jarred@Bisnow.com.