A prolific Atlanta apartment developer is targeting a new project along a parcel that abuts a future leg of the Atlanta BeltLine.
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Pollack Shores Real Estate Group has filed permits to develop a 325-unit apartment complex at 1099 Boulevard, a site that lies next to the future leg of the southeast Atlanta BeltLine trail through the Chosewood Park neighborhood. The property, now under contract, is just north of the intersection of Boulevard and Englewood Avenue Details on the transaction were not disclosed.
“Hopefully, we kind of become the first project south of the BeltLine so our project kind of sets the tone for what goes on in Chosewood [Park] going forward,” Pollack Shores Development Vice President Tyler Gaines said.
BeltLine officials expect to develop the southeast trail portion, which will link the Eastside and Westside BeltLine trails, by 2023.
The project will involve a mix of studio units on up to larger, three-bedroom units, with rents striving for the $1.70/SF range, Gaines said. While there are no plans for officially designated affordable units in the project, the planned rents are still well below Atlanta's average of $1.86/SF, according to data from Haddow & Co. The project also will include 15K SF of retail stretching along Boulevard.
This is somewhat of a return into the city for Pollack Shores, which has focused of late on development in Atlanta's suburbs, where land is cheaper and rent appreciation has been stronger.
Pollack Shores has developed a string of intown apartment projects, including The Local on 14th and Millworks at Howell Mill, and the developer is under construction with The Spectrum on Spring, a 256-unit apartment project at 1270 Spring St. in Midtown.
But its pipeline of projects in the suburbs is much deeper at this point. Pollack Shores' projects outside the city limits include a 330-unit development near Suwanee Town Center, some 30 miles north of Atlanta, and projects planned in Roswell and Holly Springs, Gaines said. The firm also recently purchased Menlo Creek, a 12-building, 372-unit apartment campus in Duluth, where it plans to invest $5M in upgrades.
“We're doing a lot more stuff in the suburbs,” he said. "These Midtown mid-rise deals have gotten so expensive to build."
Pollack Shores is aiming to deliver its Boulevard project by 2020, Gaines said.
CORRECTION, FEB. 21 11 A.M. ET: Pollack Shores Real Estate Group's planned project at 1099 Boulevard is at the intersection with Englewood Avenue. A previous story misstated the intersecting corridor. The story has been updated.
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