This Week's Atlanta Deal Sheet: Windsor Stevens To Start Construction On West Midtown Apartments
Atlanta-based investment and development firm Windsor Stevens Holdings is about to start work on its new Westside Atlanta apartment project after getting a grant from a housing nonprofit.
Windsor Stevens has landed construction financing and plans to break ground next month on The Proctor, a 148-unit apartment complex at the corner of North Avenue and Northside Drive about a mile west of Georgia Tech’s upcoming mixed-use lab campus Science Square, Rod Mullice, the firm’s managing partner, said during Bisnow’s West Midtown event Thursday.
“We made the decision on West Midtown because of Science Square,” Mullice said.
The project, which will include 41 units affordable for households earning $50K or less, was awarded a $6.5M loan in July from the nonprofit Atlanta Urban Development Corp. The $55M project at 689 Proctor St. is the latest in a wave of mixed-income communities on the rise in the city.
DEVELOPMENT
Atlanta spine and brain injury rehabilitation hospital The Shepherd Center has finished construction on its 16-story Arthur M. Blank Family Residences tower in Midtown, the Atlanta Business Chronicle reported. The $120M project, which includes 165 units, will open in October, allowing families of patients at the hospital a place to stay during their recovery.
The site, 2.7 acres at the corner of Peachtree and Collier roads, was previously home to a Ted’s Montana Grill and Uncle Julio’s restaurants.
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A local investor is planning a massive industrial and housing project south of the city outside of Griffin alongside a 350-acre rock quarry.
An entity named High Falls 75 submitted an application with the Georgia Department of Community Affairs to develop a 19M SF industrial park, along with 56 acres of commercial development and 900 high-density residential units, off High Falls Road called the Legacy 75 Trade Center.
The more-than-$1.3B project could deliver by 2034, according to the application.
SALES
New York-based BlueSky Hospitality Solutions purchased the five-story, 236-room Embassy Suites Atlanta Airport Hotel for $34M from Texas-based Southport Hotel Co., according to sales data listed in the ABC.
The 34-year-old hotel, at 4700 Southport Road in College Park, was refinanced in 2018 with a $33M loan from Starwood, according to the database Cred iQ. Southport acquired the hotel in 2014 for $17.1M, according to the real estate database Reonomy.
Atlanta Housing purchased the former Ramada Plaza hotel at 450 Capitol Ave. in Downtown Atlanta for $17.5M. The seller wasn't identified, but according to Reonomy the building had been owned by Pellerin Real Estate.
Bull Realty Partners Andy Lundsberg and Michael Wess brokered the sale. The city plans to turn the former 406-room hotel in the Summerhill neighborhood into affordable housing.
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Highland Provisions Co. conducted a sale-leaseback for its Boar’s Head cold storage distribution facility at 900 Westlake Parkway to an unidentified New York-based private equity firm for $8M. The company entered into a 17.5-year lease upon the closing of the sale, CBRE reported. CBRE’s Andrew Jaworski brokered the sale of the 51K SF facility.
FINANCING
New Jersey-based RBH Group plans to issue upwards of $370M in tax-exempt bonds to finance the construction of its 34-story Teachers Village Atlanta housing tower, the Atlanta Journal-Constitution reported. The Development Authority of Fulton County approved the bond financing for the 416K SF, 426-unit middle-income project at 98 Cone St. in Downtown Atlanta.
PERSONNEL
Rob Blalock has been tapped to succeed Brasfield & Gorrie CEO Jim Gorrie to lead the general contracting firm starting Jan. 1, the ABC reported. While Brasfield & Gorris is based in Birmingham, Alabama, it is the second-largest general contractor in Metro Atlanta with $5B in revenues in 2022, according to the ABC.
A 26-year veteran of the firm, Blalock serves as president of the company. Gorrie will become executive chairman, according to the ABC.
