Giant Parcel Becoming Peachtree Apartments
|One of America?s largest home builders is on a path to develop an apartment community in the affluent Peachtree Corners neighborhood. Lennar Multifamily Investors is under contract to purchase a 20-acre tract for $7M along Peachtree Parkway.|
Here's the conceptual design, as told to Paul Czanne. The land is across from The Forum on Peachtree Parkway mixed-use center. The seller is Roberts Realty, according to SEC filings, and the sale of the undeveloped parcel is set to close Feb. 7. Lennar?s Chris Cassidy tells us the firm is planning to start development this year on a 250-plus luxury apartment community that will be integrated with other local developers into a mixed-use project involving retail, office and townhomes; Lennar will also do the townhomes. Delivery is slated for Q3 2014. Chris says Lennar worked to integrate the different uses together. The design has been submitted to the city.
|Here?s the wooded site from our vantage inside a warm, dry Atlanta Bread Company. We spoke with Roberts Realty's founder Charles Roberts, who tells us he's using the proceeds of the sale to pay off the loan on the land and in turn free up his Sandy Springs parcel (10 acres across from the North Springs MARTA station) that was used as collateral. Charles says he plans to break ground this year on a more than 350-unit apartment complex there.|