This Week's Atlanta Deal Sheet: Developer Eyes Luxury Resort On Lake Lanier
A lonely two-lane road that leads to a dead end may become the destination for a luxury resort right on the banks of Lake Lanier.
Gainesville-based Capstone Property Group is seeking a green light to develop a 177-room luxury resort with a high-end restaurant, café, poolside and lakeside bars, spa, fitness center and 15K SF of meeting space, according to its development of regional impact application with the Georgia Department of Community Affairs.
The developer also plans to have seven cottages, 28 estate homes, walking trails, and an event and sports pavilions, according to the application.
The site is located at 3070 Ivey Road in Gainesville, a city 55 miles north of Atlanta. It is now a wooded lot along the banks of Lake Lanier. Capstone’s Webb Yongue didn't return calls seeking comment.
Capstone plans to deliver the project in 2028, according to the DRI application.
DEVELOPMENT
Atlanta-based Oxford Properties has applied with the state to develop a 329-unit apartment complex at 3000 McIntosh Parkway in Newnan. The project would also include 27K SF of office and restaurant space and 70 single-family homes.
Oxford is the developer of The Encore apartments in Atlanta. The firm said the project will deliver in 2028.
***
Atlanta-based Euphoric Development is shooting for Project Paradise, a three-building, 1.9M SF industrial complex at 10970 Old Atlanta Highway in Covington, according to its DRI application. It wasn't clear in the application if the development was being spearheaded for a specific tenant.
But Euphoric said the $150M project is estimated to contribute $2.5M to the local tax revenues annually once it is completed in December 2026.
***
Trammell Crow Co., in a joint venture with its sister company CBRE Investment Management, has delivered the first phase of Jackson 85 North Business Park, a two-building, 1.5M SF speculative warehouse development on 25 acres in Pendergrass.
The first building is nearly 540K SF, and the second one spans more than 1M SF. The CBRE subsidiaries are now in the process of designing the second phase, which could consist of up to 750K SF of additional industrial space.
***
Hines is partnering with The Aubrey Corp. to master-plan and spearhead the development of nearly 2,400 acres in Bartow County for a mammoth mixed-use community that would include 10M SF of manufacturing, data center and logistics facilities, retail, hotels and 2,800 homes in a mix of single-family, townhouses and apartments, the firms announced.
The site, located off Interstate 75 and Highway 411, is expected to take up to 12 years to develop in phases. Hines plans to break ground on the infrastructure later this year or in 2026, according to the press release.
FINANCING
PGIM Real Estate arranged an $82M floating-rate loan for MetLife Investment Management and StreetLights Residential for the joint venture’s Mira at Midtown Union apartment project. The 26-story, 355-unit tower opened in 2022 and includes amenities like coworking spaces, a resort-style pool, a pet spa and a sunset deck with fire pits and grills. PGIM’s Tom Goodsite arranged the financing.
***
The Benoit Group and Atlanta Housing obtained a $28.3M loan to finance the second phase of the former public housing complex Englewood Manor in the Chosewood Park neighborhood. Benoit plans to develop an $86M, 200-unit, five-story mixed-income building. Eighty percent of the units will be reserved for renters earning 60% or less of the area median income, with the other 20% being offered at market rents.
Berkadia’s Carolyn Whatley and Angela Folkers helped Benoit obtain the 40-year Federal Housing Administration and Housing and Urban Development loan for the project. Last year, Benoit obtained financing for Englewood Senior, a $72M, 160-unit senior care and assisted living facility that was part of the first phase.
***
Northmarq’s Faron Thompson and Van Glosson have arranged more than $87M in new loans for three Georgia apartment communities. The deals include a five-year, $31.5M refinancing for Inwood Holdings for its 250-unit Paces Park apartment complex in Decatur and a five-year, $20.2M Freddie Mac loan for Atlantic Pacific Cos.’ The Atlantic Brookwood apartment complex in the city.
Inwood also secured a seven-year, $36.4M Freddie Mac loan for The Dylan at Grayson, a 234-unit apartment and townhome complex more than 30 miles northeast of Atlanta.
LEASES
Electrical-equipment maker FRM leased 226K SF at Gravel 85 Distribution Center at 2323 Brown Road in Buford, owned by Clarion Partners. SRS’ Wayne Schuchts, Chip Watson, Mike Palmer, Olivia Diaz and Charlie Williams represented FRM. Seefried Properties’ Joseph Kriss and Tripp Ausband represented Clarion.
***
Law firm Clark Hill inked a 15-year, 28K SF lease with Granite Properties at 3630 Peachtree in Buckhead. The firm, which opened the Atlanta office last July, will occupy the seventh floor of the 33-story, 439K SF tower.
Newmark’s Bert Sanders and Advocate Advisors’ Ethan Braham and Craig Braham represented Clark Hill, while Stream Realty’s Glenn Kolker, Bryan Heller and Parker Welton represented Granite.
