17-story downtown Atlanta apartment tower construction to start soon – Atlanta Business Chronicle

New apartment development is revving up in downtown Atlanta, with the latest proposal bringing a one-of-a-kind design to the city.

Kaplan Residential, which has an Atlanta office, is soon to break ground on an $86 million apartment tower at 377 Centennial Olympic Park Drive.

The 336-unit project would sit near Centennial Olympic Park, where several tourist attractions are now being revamped including Philips Arena and Georgia Aquarium. The apartment tower would rise 17 stories on a 1.5-acre site that’s catty-corner to the Center for Civil and Human Rights.

“We feel like the job story downtown is the most compelling in the city — 140,000 jobs and virtually no new Class-A apartments in the submarket,” said Nathan Kaplan, partner at Kaplan Residential. “We feel like downtown is a greatly under-supplied market.”

The apartment tower will be a first for Atlanta, as it’s being built with a prefab building material called Prescient. The product cuts high-rise construction costs by 20 to 25 percent, compared to using concrete.

It will help Kaplan achieve rental rates around $2.10 to $2.15 per square foot, a discount to typical high-rise apartments in Atlanta.

That’s critical for the downtown market, where average rental rates are at $1.66 per square foot, according to real estate analyst Haddow & Co. In comparison, both Midtown and Buckhead are seeing rental rates near $2 per square foot.

“We feel like we have a game-changer for downtown and also for the city,” Kaplan said.

The project will be called “Generation,” a brand Kaplan Residential hopes to further expand in Atlanta. The downtown project could begin delivering units in second-quarter 2020.

Niles Bolton Associates is the architect. CBG Building Co., which specializes in Prescient construction, is the general contractor.

Kaplan Residential had first unveiled its plans for downtown in 2016.

“We know that those involved in this project have worked very hard to advance it to this important beginning,” said A.J. Robinson, president of Central Atlanta Progress. “It’s a significant addition to the Centennial Park District and will fit in nicely there. We are always excited about new housing options coming to downtown.”

For the past several years, developers have concentrated most new Atlanta apartment projects in dense urban areas such as Midtown or Buckhead or neighborhoods including the Old Fourth Ward where people can live and work next to the Beltline. The areas are typically in walking distance of transit and near amenities such as shops or restaurants.

Now, new apartment development is ramping up downtown.

In the last 12 months, 238 units have delivered, according to Haddow & Co. Currently, 833 units are under construction in downtown, with another 1,325 units in the pipeline.

Recent projects downtown include the $96 million Post Centennial Park, a project that was the first significant delivery of new apartments in the city’s central business district in at least 10 years.

Developers are buying into downtown’s potential to generate apartment demand, as Georgia State University enrollment grows and more students want to live in the city after graduation. Land in other parts of intown Atlanta is also becoming more expensive, potentially making downtown a more affordable option for apartment developers in dense urban settings.

Plus, tons of new investment has come downtown, from the major renovation of Philips Arena to a $100 million expansion at the Georgia Aquarium. A massive entertainment district is planned for “The Gulch,” and German real estate company Newport US RE has acquired dozens of historic buildings in south downtown for a sweeping redevelopment.

“Downtown continues to become a more appealing market,” Kaplan said. “We are excited. When you are heading south on the highway toward the airport, you will see the Generation building. I think it will change the downtown skyline.”

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Property Details for 112 Kiram Ter SW

112 Kiram Ter Sw, Atlanta, GA 30331
112 Kiram Ter Sw, Atlanta, GA 30331
Property Features
Upper Bedrooms: 3
Baths Full: 3
Dining Room Desc: Dining/Great Rm112 Kiram Ter Sw, Atlanta, GA 30331
112 Kiram Ter Sw, Atlanta, GA 30331
Property Features
Bedrooms Upper: 3
Baths Full Upper: 3
Lot Description: Valley View

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Atlanta real estate veteran Bo Jackson joining Greenstone Properties – Atlanta Business Chronicle

Longtime Atlanta commercial real estate veteran Bo Jackson is joining Greenstone Properties, as the developer looks to bolster its acquisitions business.

Jackson is leaving real estate services company Transwestern after five years, where he was a senior managing director.

“For me, this was a question of vision,” Jackson said. “I wanted to go somewhere that I could expand my interest in acquisitions and development.”

He’ll have that opportunity with Greenstone, which has a development portfolio that includes the new $100 million Cumberland headquarters for HD Supply, a proposed 10-story building in MIdtown at 14th and Spring, and another project in Alpharetta at Georgia 400 and Old Milton Parkway.

“We have done a good job with development,” said partner De Little. “We can do more with acquisitions.”

Before his stint with Transwestern, Jackson oversaw a $3 billion portfolio for Colonial Properties Trust. He also held executive positions with Beacon Properties and global real estate company Hines. Those roles gave allowed him to build connections with multiple capital sources.

Greenstone will target mostly office property acquisitions ranging from $25 million to $200 million, primarily in Atlanta, but also in markets including Dallas, Charlotte and Nashville, among others. It will look for both suburban value-add opportunities and properties in dense mixed use environments. In recent months, it was a finalist for big acquisitions, but fell just short.

“We felt that if we had Bo we would have been first a lot more often,” said Greenstone partner Chris Schoen.

Greenstone’s plan to boost acquisitions appears to have good timing. Much of Atlanta’s office market shows strong fundamentals, but especially properties that are in walking or biking distance of amenities such as housing, restaurants and nightlife, transit or public spaces such as the Atlanta Beltline.

For example, in Midtown, which has access to many of those amenities in a dense urban environment, rates for premier office space jumped 12.5 percent year-over-year, according to data from Jones Lang LaSalle Inc.

In a recent conference call with Wall Street analysts, Cousins CEO Larry Gellerstedt said of markets such as Atlanta: “Business and consumer confidence remain positive. Office users are growing their footprints, more companies are migrating to the Sun Belt, and new supply remains in check."

Jackson said, "Foreign and domestic capital are looking for office properties, and Atlanta is high on the radar."

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