This Week's Atlanta Deal Sheet: High Street Residential Breaks Ground In Brookhaven
High Street Residential has begun to go vertical on a new apartment community at the Perimeter Summit office park in Brookhaven.
The residential subsidiary of Trammell Crow Co. broke ground this week on Residences at Perimeter Summit, a 350-unit mid-rise apartment building at 1251 Perimeter Summit Parkway across Interstate 285 from Perimeter Mall.
High Street purchased the 5-acre parcel within the 1.7M SF Perimeter Summit campus for $11.5M nearly a year ago. Now it has begun a wood-framed project with apartments ranging between 900 and 1,400 SF.
The project amenities will include a resort-style pool, a 1,200 SF speakeasy lounge, a coworking center, tasting room, pet spa, golf simulator and a sauna.
High Street tapped Cooper Carry as the design architect and New South Construction as the general contractor.
SALES
Crow Holdings purchased 40 acres in the Peak at University Parkway master-planned development from Walton Global where it plans to build a three-building, 600K SF logistics center.
The property, off Georga State Route 316 near the Gwinnett County Airport, was master planned by Walton as an industrial park. Terms of the deal were undisclosed.
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LBA Logistics bought 50 Innovation Drive, a 491K SF warehouse 6 miles from the Garden City Terminal port in Savannah. The Irvine, California-based industrial investors bought the building from Lowe’s Home Improvement, according to Chatham County records.
Terms of the deal were undisclosed. The county valued 50 Innovation Drive at $52.4M last year. JLL’s Britton Burdette, Dennis Mitchell, Jim Freeman, Bob Currie and Tim McCarthy brokered the transaction.
DEVELOPMENT
Gorman & Co. is pursuing $3.5M in Westside Tax Allocation District financing for its redevelopment of 143 Alabama St., a longtime vacant relic in Downtown Atlanta. Gorman plans to covert the 95K SF building, used for Georgia Power’s offices until the early 1970s, into 46 units of affordable housing with almost 12K SF of ground-floor retail.
But before that transformation, Gorman plans to restore the building in time for the 2026 World Cup as well as redevelop the greenspace behind the building into “The Pitch,” where cultural events could be hosted during the soccer event, according to documents from Invest Atlanta.
The city’s economic development arm tapped Gorman last year to spearhead 143 Alabama’s redevelopment. After the World Cup, Gorman plans to develop a newly built, 151-unit affordable apartment tower. Gorman plans to apply for a 9% low-income housing tax credit in May, according to IA. The board is expected to vote Feb. 20 on the incentive.
PERSONNEL
Michael Brunner has joined Peachtree Group as executive vice president of credit investments. The 25-year industry veteran hops over from Atlas SP Partners, where he handled warehouse finance and securitized products business.
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The Kolter Group has appointed Mike Griffin as managing director for its Georgia and Tennessee markets to oversee developments and asset management. Prior to Kolter, Griffin handled land acquisition and permitting for Shelton McNally Real Estate Partners.
