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Windsor Stevens Holdings is spearheading a suburban condominium strategy with a new project in the city of Chamblee.
The firm plans to build a 56-unit condominium building with ground-floor retail on a development site it purchased last month at 3553 Chamblee-Dunwoody Road. The site houses a now-closed single-story clinic that Windsor Stevens will demolish to make way for The Gordon, within walking distance to the Chamblee MARTA Station and along the city's Rail Trail pedestrian greenway that is planned to ultimately connect to the Atlanta BeltLine.
Windsor Stevens partner Rod Mullice said the firm is eyeing more condo projects in Cobb and Gwinnett counties.
“We have what we call an inner suburb strategy,” Mullice said.
Windsor Stevens is evaluating potential condo sites along Windy Hill Road in Cobb near The Battery Atlanta at Truist Park, home of the Atlanta Braves, and in Norcross in Gwinnett, he said.
Windsor Stevens plans to develop condo projects that will appeal to millennials, who are increasingly taking over the employment and residential markets from baby boomers, he said.
“We also believe that millennials are coming of age in the workplace and are committing to Atlanta as a location where they can have a fulfilling career,” Mullice wrote in an email. “Thus, owning a condo allows these professionals the opportunity to put down some roots into the community where they are earning a living.”
The population of Chamblee has surged over the past two decades, with the market now catering to upwardly mobile single professionals, Mullice said. Chamblee's population exceeded 30,000 residents in 2019, a more than 200% increase since 2000, according to the U.S. Census Bureau. Along with the population, residents' average incomes have also skyrocketed: Per-capita income in 2017 was $30,200, up from $15,500 in 2000, according to the Census Bureau. Values of condos and homes there have also increased, from an average of $184,100 in 2000 to $263,200 in 2017.
Chamblee is part of a larger market that is seeing some of the highest sales velocity of condos in all of Metro Atlanta, according to Haddow & Co. Including Brookhaven and Buckhead, 77 units sold during the first half of 2020. The only submarket to surpass that was East Atlanta, according to Haddow, with 145 units sold.
Mullice said the firm is going to market for construction financing next month with an aim to break ground by the spring.
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