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The rising costs of construction all over the country has been a major concern for developers as of late. Many developers are putting their projects on hold due to the rise in costs and are waiting until the market stabilizes to begin their projects. This is quite the opposite for developers in Atlanta as it seems to be a hotspot for multi-family development as well as workforce development. Atlanta boasts a reasonable cost of living compared to other American cities, which could be a major factor in the increase in developments of this asset class.
Development Updates in the Atlanta Area
Toro Development Co. (TDC) has announced its plans to develop a multifamily community in the Atlanta-area. Toro plans on beginning construction for The Reid in the first quarter of 2023. The community is set to have 186 studio, one and two bedroom apartments. The Reid will also feature a rooftop pool, and ground-level units designed to integrate with pedestrian activity. Approximately 28 units, or 15 percent of the total 186 apartments, will be designated as affordable for residents at 80 percent of the area median income.
The Macallan Group and McNeal Development are partnering on a 214-unit property in Gainesville, GA. Development on the project is set to wrap in the spring of 2024. The community will boast three separate buildings with studios, one and two bedroom apartments. Amenities include a swimming pool, fitness studio, yoga studio, rooftop clubroom, outdoor entertainment and a covered porch.
Lastly, there has been some movement in the development of workforce housing in the Atlanta suburb of Cartersville, GA. Alliance Residential has acquired 50 acres of land in this suburb and plans to build Prose Cartersville, its second Prose-branded development in the suburbs north of Atlanta. Offering workforce housing to serve a high-growth employment corridor, Prose Cartersville will feature one and two bedroom apartments that average 987 square feet in size.
Tag(s): Georgia Digest
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