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329-unit apartment building planned near Atlantic Station

Developer hopes to break ground this coming spring, with hopes to construct an adjacent 300-plus unit apartment project in 2014.

Midtown’s apartment construction boom apparently isn’t slowing down.

The Atlanta Business Chronicle reported Friday that an Atlanta developer plans to break ground in March 2013 on a 329-unit apartment building near Atlantic Station.

The ABC’s Douglas Sams writes that the $45 million project will be constructed on a more than 3-acre site at 16th, 17th and Mecaslin streets.

The Georgia Tech Foundation has reached an agreement to sell the property, which is across from the IKEA but not part of the Atlantic Station development, to Pollack Shores Real Estate Group

The ABC reports that according to market data, effective rents of nine apartment properties located within just a few miles of the proposed new project have “climbed to an average of $1.42 per square foot.”

Part of the turnaround in the area was sparked by the late 2010 selling of several Atlantic Station key assets by American International Group Inc. to North American Properties and CBRE Global.

According to the ABC, Pollack Shores is also hoping in 2014 to develop a $45 million, 300-plus unit apartment project adjacent to the property it has recently agreed to purchase, but Georgia Tech is undecided as to whether it will sell. The current property serves as Tech’s golf practice range.

Earlier this year, ground was broke in Midtown on both the 23-story, 320-unit apartment building SkyHouse Midtown, and 77 12th, a 22-story, 330-unit apartment tower.

Also coming in 2013 will be construction of a 23-story 320-unit luxury apartment tower called 100 6th Street, and a mixed-use project, including 280 apartments, that is being planned for a 2.5-acre property bounded by Juniper St., Ponce de Leon, North and Piedmont avenues.

Hunt Archbold December 02, 2012 at 02:15 PM
Thanks Chris, we have reached out to the parties involved and are looking into this. As soon as we know something we will pass the information along.
Hunt Archbold December 02, 2012 at 06:11 PM
While I haven’t received word back from any of the parties involved in the reported sell, a drive through the area today revealed that the property in question appears to be at the corner of 16th and Mecaslin streets. The property backs up to WGCL CBS Atlanta, which is located at 425 14th Street. Late Sunday morning, it appeared some Georgia Tech students were practicing archery on the property. I have included a couple of shots with the story.
Ron Grunwald December 03, 2012 at 01:48 AM
Southwest corner of 16tth and Mecaslin is accurate Hunt!
Hunt Archbold December 03, 2012 at 11:59 AM
Thanks, Ron :)
Doug Sams December 04, 2012 at 04:59 PM
Mike, I see your point and you are right. The site doesn't border 17th Street. However, 17th is a better known street than Mecaslin, and the site is very close to it. I used 17th as a reference point. Sorry about the confusion.

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