This Week's Atlanta Deal Sheet: Tidal Seeks Green Light For Buckhead Apartment High-Rise
A New York apartment developer is taking a major step toward breaking ground on a luxury apartment tower in the heart of Buckhead.
Tidal Real Estate Partners has applied for a permit to begin construction on a 378-unit apartment building at 321 Pharr Road, slightly smaller than its initial vision proposed in December, which would have produced 414 units.
Tidal also plans to include 18.5K SF of commercial space and offer public spaces on the property, according to the application.
If approved, Tidal will raze the existing building on the site, the Pharr Road Emporium in the Buckhead Village District, which is home to tenants like the Aura Bar & Lounge and a School of Rock location. Rents at Tidal's proposed apartment tower were previously reported to reach $5,200 per month for a three-bedroom unit.
Tidal, which is making its debut in Atlanta with the development, developed the Perry Lane Hotel in Savannah and owns mixed-use projects in Brooklyn at 320 and 360 Wythe and the condominium and hotel project called The Boerum, according to its website. The firm also is developing a 282-room hotel in Downtown Nashville that is set to deliver in 2024.
DEVELOPMENT
The Integral Group is moving forward with the construction of a 100-unit senior living community called Veranda at Assembly, located on the Assembly mixed-use property in Doraville that Integral sold to Gray TV in 2021. The production studio on the campus is being operated by NBCUniversal.
Integral has tapped McShane Construction Co. as the general contractor for the project. The developer plans to offer 80 of the units to households 55 and older earning 30% to 80% of the area median income in Doraville, according to a 2019 market feasibility study sponsored by Integral. The other 20 units will be market-rate. The four-story project is slated to deliver in 2024.
LEASES
Heart and Vascular Care Inc. has signed for 6K SF and portable toilet maker Toi Toi USA took 5K SF at The Park at Windward Concourse, a 200K SF office building in Alpharetta.
Lincoln Property Company Southeast Executive Vice President Michael Howell and Vice Presidents Seabie Hickson and Matt Fergus represented the landlord, New York-based Barings. Newmark Associate Director Chris Witcher represented Heart and Vascular, and Cresa Managing Principal Tom Tindall and principal Brooks Morris flushed out a deal for Toi Toi.
SALES
Cincinnati-based Phillips Edison & Co. purchased The Village Shoppes at Windermere, a 73K SF Publix-anchored shopping center off Mathis Airport Parkway in Suwanee, from Affinius Capital for an undisclosed sum. Real estate database Reonomy listed the sale price at $19.55M.
CBRE Managing Director Chris Decoufle, Senior Vice President Kevin Hurley and Vice President Matt Karempelis brokered the sale.
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Willow Capital Partners has sold its newly developed Shops at Medlock Corners, a 6,200 SF strip center at 5855 State Bridge Road in Johns Creek, for $4.3M to an unidentified local investor. Tenants include Jersey Mike’s, Ideal Dental and ATI Physical Therapy, each with a 10-year lease in place.
SRS Real Estate Partners First Vice Presidents Michael Berk, Sheree Strome and Scott Campbell brokered the deal.
PERSONNEL
Robert Holder has been promoted to CEO of Holder Properties and Will Menkes to president, jointly serving as managing partners at the firm. Both previously were managing directors with the firm. John Holder is stepping back but will continue to serve as chairman.
