The Week's Atlanta Deal Sheet: Developer Takes Step Toward Teacher's Village Groundbreaking
A New Jersey developer is seeking a green light from the city of Atlanta to begin groundwork on a 33-story residential tower priced for area teachers and seniors.
RBH Group filed a land disturbance application on Monday with the city to begin turning dirt at 98 Cone St. for a project that will be known as Teacher’s Village. RBH plans to dig up half an acre of an open parking lot to add stormwater conveyance and detention, streetscape improvements and utility installation, according to the application. An existing parking garage is set to remain untouched.
The application is the first solid step toward the development, which RBH officials say should break ground during the first quarter of 2024, Urbanize Atlanta reported. The 458K SF tower’s 424 units will all be marketed at price points affordable to either independent seniors or teachers and employees with Atlanta Public Schools. More than 20 units will be priced to renters earning 80% or less of the area median income, and the remainder will be priced for those earning up to 120% of AMI, according to Urbanize.
The project is also expected to include retail space.
DEVELOPMENT
Wisconsin-based Gorman & Co. filed a land disturbance permit application with Atlanta to begin work on a 108-unit apartment project called the Sweet Auburn Grande. The developer is seeking approval for stormwater, civil and other infrastructure work in preparation for the affordable housing project at 229 Auburn Ave. in the Sweet Auburn neighborhood.
The project also will consist of 11.5K SF of commercial space, according to the application.
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South Korean automotive seat frame manufacturer Daechang Seat Corp. USA is planning to develop a $72.5M automated welding plant at the Savannah Chatham Manufacturing Center near the under-development Hyundai Motor Group Metaplant America, Gov. Brian Kemp announced earlier this week.
Spearheaded by Alyce Thornhill, the director of project implementation and supplier strategy with the Georgia Department of Economic Development, the plant will employ more than 500 workers. Chatham County officials granted Daechang a 15-year property tax reduction that will save the manufacturer nearly $6M, the Statesboro Herald reported.
PERSONNEL
William Ross has joined Triten Real Estate Partners as principal and head of acquisitions for the Southeast, focused on sourcing and investing in industrial and outdoor storage deals in Atlanta and Savannah.
A 12-year veteran of the industry, Ross has worked with Eastdil Secured, JLL, CBRE and Edens. Most recently, he served as the Southeast market officer for the real estate investment firm Faropoint.
SALES
A land swap has the Atlanta Botanical Garden poised to add 8 acres of green space directly connected to the BeltLine's Northeast Trail, the Atlanta Business Chronicle reported.
The botanical garden organization purchased a 1.4-acre parcel along Westminster Drive and Piedmont Avenue for $40M and plans to raze an existing self-storage building. At the same time, ABG sold Public Storage a 2-acre parcel along Monroe Drive for $13.5M, according to the ABC, on which the storage company will build a new self-storage facility.
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Windsor Stevens Holdings purchased half an acre at 3535 Chamblee Dunwoody Road in Chamblee for $1.1M from Hermosa House LLC, according to title documents reviewed by Bisnow. The parcel is expanding the land where the firm expects to break ground soon on the Fraiser at Olde Towne Gordon, a 144-unit luxury apartment complex.
Windsor Stevens founder Rod Mullice told Bisnow the deal allowed him to refinance the purchase price for the Fraiser land to allow for a longer pre-development period.
LEASING
Clearent by Xplor, a point-of-sale software maker, inked an 18K SF lease at Salesforce Tower in Buckhead. JLL Senior Managing Director Brooke Dewey, Managing Director Jeff Taylor and Senior Vice President Caroline Fisher represented the landlords, Banyan Street Capital and KKR.
Clearent is moving from Piedmont Center into Salesforce Tower, formerly known as The Atlanta Plaza, in Buckhead.
