Dallas Developer Pitches 26-Story Midtown Apartment Tower
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Nearly two years after a Dallas multifamily developer made its first foray into Metro Atlanta, it's going for a hat trick, this time in Midtown.
StreetLights Residential is expected to unveil its plans for a 26-story mixed-use apartment tower at the corner of Juniper and Fifth streets, adjacent to Saint Mark United Methodist Church during Midtown Alliance's development review committee meeting Tuesday.
According to the meeting's agenda, StreetLights plans to build 299 market-rate apartments in 19 stories above a seven-story, 568-space parking deck. Of those spaces, 150 are set to be reserved for parishioners at the church.
The project would also include more than 4K SF of retail.
“Since the project is still in the very early planning phases, they are not ready to comment any further than what will be provided at the meeting,” a StreetLights spokesperson said in an email.
The tower would be StreetLights' third Atlanta project since 2017, when it broke ground on The Alastair at Aria Village, a five-story, 355-unit apartment project next to the Mercedes-Benz headquarters in Sandy Springs. In April, StreetLights Residential was reportedly in talks with The Integral Group to develop almost 300 apartment units at the Assembly, the redevelopment of the former General Motors plant in Doraville.
StreetLights' Midtown project could join a host of developers pursuing the next slate of multifamily projects around the city as more than 9,800 new units are under development, according to Haddow & Co. Over the past five years, Atlanta's supply of new apartments has nearly doubled to more than 43,300.
The explosive growth hasn't yet outpaced demand. Occupancy as of Q1 was more than 95%, according to Haddow.
Carter and Prestwick Cos. also have filed permits with the city of Atlanta to pursue their own multifamily projects in recent days. Prestwick is eyeing a five-story, 205-unit apartment project at 982 Memorial Drive in Atlanta, according to city permits.
Carter has filed land disturbance permits for 565 Hank Aaron Drive, a planned 312-unit apartment project and seven-level parking deck that would be part of the larger Summerhill mixed-use community.
Carter is leading a development team on the project of Oakwood Development, Healy Weatherholtz and Georgia State University, which purchased the stadium and its surrounding 60-plus acres for its football program after the Atlanta Braves moved to Cobb County. Carter completed nearly 40K SF of retail space and leased to such tenants as Wood's Chapel BBQ, Halfway Crooks Brewing & Blending and Big Softie Ice Cream.
UPDATE, JUN 12, 11:15 A.M. ET: The story has been updated to reflect the new rendering.