Atlanta Business Chronicle (December 17, 2020) - Trammell Crow Residential will begin turning over 3 acres of mostly vacant parking lots in Summerhill into 315 apartments, as a wave of revitalization continues sweeping over the south Atlanta neighborhood where the Braves used to play.
Project details: Trammell Crow Residential completed the purchase of the site for the new apartments two weeks ago, paying $7.6 million for the 3.6-acre property next to the former Turner Field whose name is changing to Center Parc Stadium. The deal closed Nov. 20, according to Fulton County property records. The $70 million project will feature studio, one-bedroom and two-bedroom units with rents ranging from about $1,450 to $2,350 per month. Studios will be as small as 575 square feet.
Construction financing: Hancock Whitney Corp. issued $43 million in financing to start construction. The new apartments will be finished in May 2022. It’s one of several projects in the city to receive construction financing this year even though the pace is slowing and more investment for new apartments is flowing into the suburbs. Read more about theslowdown in high-rise construction and the shift to the suburbs.
COVID adjustments: More developers are adding amenities for the post COVID environment. Trammell Crow Residential expects many people will continue working from home and seeking outdoor spaces even after the pandemic eases. The new apartments will feature Wi-Fi access available outdoors across the entire project.
Sweeping revitalization: Trammell Crow Residential is one of several developers hastening Summerhill’s revitalization from a sea of empty parking lots that once surrounded Turner Field. Georgia State and Atlanta developer Carter were the initial sparks for the largest wave of investment and development and both continue spurring new projects.
What they’re saying: Whether it’s urban infill or suburban projects, the Sunbelt and Atlanta are still prime targets for institutional capital, said Justin Adams, a vice president with Trammell Crow Residential. “Summerhill is turning into one of the city’s urban villages like Inman Park or Old Fourth Ward, and with some of the coolest 1920s architecture you will see especially on Georgia Avenue. It’s a place where Georgia State students may want to stay and live after school and where other people from outside the neighborhood will continue moving.”
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