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Atlanta developers Tenth Street Ventures and EcoVest Capital are looking to bring beachfront property to the city.
The partners have signed a development agreement with Crystal Lagoons — a company that builds publicly accessible, artificial Caribbean-style beaches — that covers Metro Atlanta and the Southeast.
Crystal Lagoons is working on more than 260 projects with various partner developers who plan a mix of commercial uses around them. The company says the lagoons are environmentally friendly and can be any size; either freshwater, brackish or saltwater; and require half as much water as a typical urban green space and fewer chemicals than a swimming pool.
The contract allows Tenth Street and EcoVest to develop these projects in Atlanta and Athens, Georgia; Chattanooga, Tennessee; and land-locked areas of North Carolina, according to a press release. The developers expect to build six Crystal Lagoons within 100 miles of Atlanta.
“We’re actively looking for sites in our region and know that we’ll have our first deals underway soon,” EcoVest Capital Chairman Alan Solon said in a statement. “The potential of these amazing amenities is limitless, consistent with our ESG values and is another way we build community.”
Crystal Lagoons has already opened locations in Europe and Florida, including outside of Tampa and Fort Myers. In February, Crystal Lagoons struck a deal with Adelon Capital to develop at least five additional lagoons in Florida.
Tenth Street announced plans to redevelop the Master Mind Thinker building in Midtown into a $100M, L-shaped, 20-story apartment project at 1450 West Peachtree St.
“Crystal Lagoons is one of the most intriguing concepts I’ve seen,” Tenth Street principal Brian McCarthy said in the release. “It creates a water feature that’s truly sustainable, open to all and builds a beachfront for further development.”
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