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Greenstone Properties is partnering with a Charlotte-based multifamily developer for its 14th & Spring mixed-use Midtown project.
Crescent Communities plans to develop a 12-story, 330-unit apartment project on the parcel bounded by Spring, Williams and 14th streets. The property sits across from Related Group's coming Icon Midtown mixed-use project, which includes a 70K SF Whole Foods Market.
Crescent plans to brand the project with its NOVEL apartment moniker. Crescent has plans for two other NOVEL apartments in Atlanta, including in Central Perimeter and Buckhead.
Bisnow first reported on Greenstone's plans, which also includes a 10-story, 250K SF office tower, overlooking the Downtown Connector. Greenstone is scheduled to present its plans to the Midtown Alliance Development Review Committee Feb. 13.
“We are making progress on the leasing front and hope to start with a lead tenant in tow. However, we are taking a … path to start spec later this year,” Greenstone Properties principal Chris Scott wrote in an email.
Spec is an industry term that means a developer would begin construction on a project without any leases yet signed. Both the apartment, with 15K SF of ground-floor retail, and the office could deliver by the end of 2020.
CORRECTION, FEB. 13, 1:15 P.M. ET: A previous version of the story misnamed Greenstone Properties' 14th & Spring project and Crescent Communities' name. The story has been updated.
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