Chicago Developer Planning 2 More Apartment Towers In Atlanta
A Chicago multifamily developer is looking to complete a hat trick in the city.
CA Ventures is seeking approval from the Midtown Development Review Committee this week for two projects: a 27-story student housing tower at Ponce de Leon Avenue and Third Street on a site partially owned by the Catholic Archdiocese of Atlanta, and a 32-story apartment tower at the corner of Peachtree and Eighth streets, across from the Vortex Bar & Grill.
The Ponce and Third site is part of the high-profile pending land sale that also involves Cousins Properties, which is reportedly planning to develop an office tower on the site. That building is reportedly in consideration as the future home of rail giant Norfolk Southern if it moves its headquarters to Atlanta from Virginia.
According to documents filed with Midtown Alliance, the developer plans to include 320 units encompassing 715 beds as well as 9,400 SF of ground-floor retail. Student housing projects differ in many ways from traditional apartment projects: Typical units share a number of bedrooms rented out to different individuals who share common spaces and a kitchen.
The 4.1-acre site, formerly the home of the Catholic Archdiocese Cristo Rey Atlanta Jesuit High School, is within walking distance of Tech Square, the off-campus hub for Georgia Tech and a variety of tech companies, including NCR and Anthem Healthcare's IT operations.
The developer also is pursuing a 417-unit apartment tower atop a 549-space parking structure on a site that is the current home to Asian restaurant Noodle and Middle Eastern eatery Bezoria at 903 Peachtree St. It was unclear if the restaurants and other retailers would remain in the new project.
The two projects will go before the Midtown development review committee this Tuesday.
CA Ventures is making a strong push into Atlanta's multifamily scene this year.
In September, the developer submitted plans for a 22-story apartment tower at 340 East Paces Ferry Road in the Buckhead Village district that would include 408 units and 16,400 SF of retail. That project is being geared toward millennial renters with rents pushing up to $3/SF, CoStar previously reported.