Crescent Launches Redevelopment Of North DeKalb Mall: The Atlanta Deal Sheet
The redevelopment of North DeKalb Mall is moving forward with a new Novel apartment complex.
Crescent Communities, in conjunction with Edens and NT Urban Development, broke ground on Novel Lulah Hills, a 303-unit apartment complex on the 78-acre site of the former mall. The project will also include 39K SF of ground-floor retail with such retailers as Anthropologie, Herman Miller, Firepit Pizza Tavern and Honeysuckle Gelato, according to a press release.
The project is part of the redevelopment of the mall property that ultimately will include 1,800 residential units and 300K SF of retail and restaurant space, including a new Publix.
Amenities on the property will include a resort pool with cabanas, a diner-inspired lounge called The Gathering Place and an interactive residential hub called The Mercantile Club, according to the press release.
First units at the project are expected to deliver in late 2027.
DEVELOPMENT
Nonprofit homebuilder Habitat for Humanity of NW Metro Atlanta has partnered with Brock Built Homes to develop a mixed-income neighborhood in Powder Springs.
The plan calls for two-thirds of the blend of single-family homes for sale to be developed by Brock Built and sold at market rate. The final third will be developed by Habitat for Humanity and designated for low-income households, according to a press release.
The Cobb County Board of Commissioners approved rezoning of the 11-acre site to allow for the project, which is slated to break ground in 2027.
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Wisconsin-based Gorman & Co. plans to develop The Fifty-Five, a 60-unit mid-rise apartment project along East Point Street, a block from MARTA’s East Point station, the Atlanta Business Chronicle reported.
The units will be earmarked for households earning between 30% and 80% of the area median income. The complex will include a fitness center, a computer lab and community spaces. The $26.8M project will open in 2027.
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RBH Group filed an application with the city of Atlanta to begin construction on a 33-story, 430-unit income-restricted residential building called Teachers Village, Bisnow previously reported.
For the project, RBH is reserving 220 units for independent living seniors and another 197 units for workforce housing. The $77M project will rise at 98 Cone St., half a mile from State Farm Arena in the Fairlie-Poplar Historic District in Downtown Atlanta.
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Biopharmaceutical company UCB is planning to invest $2B in a new manufacturing plant off Georgia State Route 316. The 460K SF plant will have a $5B economic impact and will generate some 330 permanent jobs.
PERSONNEL
Saunders Real Estate has tapped Russell Dye as the regional managing director for its new northern Georgia office based in Gainesville. This is Saunders’ second Georgia office. The other is in Thomasville.
Dye was previously senior vice president at Avison Young.
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Eight-year Core5 Industrial Partners veteran Lydia Chase has been promoted to vice president of investments, and 10-year veteran Kelsey Stone has been named vice president of finance.
The duo follows several new promotions in the Atlanta industrial developer’s office, including Steven Ridges rising to asset management director, Anthony Armbruster to investment manager and John Bennett to finance manager.
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Ackerman & Co. has hired Charles Pledger to lead the firm’s new investment sales division, tasked with marketing retail, medical office, office, industrial and self-storage facilities. Previously, Pledger was with Sands Investment Group.
Pledger joins Ackerman Senior Vice President Sean Patrick to the sales team and Jonathan Rice, who joined last year as executive vice president of capital markets. Other recent investment sales hires include Senior Vice Presidents Nick Stockton and Craig Taylor and Vice Presidents Ryan Ball, Thomas Allen Farr and W. Taylor Wagner.
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Dallas-based S2 Capital has hired Danny Bernstein as vice president of acquisitions for the Southeast, based in Atlanta. Bernstein, who was most recently with Link Logistics, is now tapped to acquire industrial properties across Metro Atlanta.
SALES
Atlanta development firm Ashton Wright purchased nearly 300 acres in Stockbridge for The Reeves Creek project, which is planned to comprise a 646-unit apartment complex and 338 single-family homes. The development will include 183 senior living units and 41K SF of commercial space off Flippen Road near Interstates 75 and 675.
The price was $16M, according to a press release.
Ackerman & Co.’s John Speros and JT Speros and Gable Land Co.’s Kyle Gable represented the seller, Vista Realty Partners. The project is expected to break ground later this year.
