Legacy To Do Apartments?
Legacy Property Group is considering connecting apartments to its planned hotel complex in Downtown Atlanta. (If people are visiting and love it so much, they can walk down the street and rent a place.)
At this morning's second annual Bisnow Atlanta Construction & Development Summit, Legacy Property's David Marvin revealed that Legacy was eyeing a for-rent residential project and currently studying its feasibility. He tells us that Legacy could JV with a multifamily developer to build 100 apartment units atop the parking deck that would adjoin the Hilton Garden Inn Downtown Atlanta off Luckie Street and the planned Homewood Suites.
That could also be a prospect for Legacy's hoped-for 285 Marietta mixed-use project, which David told our audience of some 220 commercial real estate pros “hasn't seen much traction” since its announcement. David tells us that the first apartment project, if it comes to fruition, would be a “trial balloon” (similar to a test kite or a curious bird) for Downtown apartment demand that could have the firm reconsider the project (that originally called for 350k SF of office and 75k SF of retail) into a residential-focused one.