Crescent Communities Aiming For Apartments In Old Fourth Ward
A prime Old Fourth Ward parcel originally slated for office could be getting apartments instead.
Crescent Communities is under contract to buy a 2.2-acre site at the southwest corner of North Avenue and Arnold Street in Midtown from Seven Oaks Co, which originally intended to develop 525 North, a 172k SF loft-styled office building near the Eastside Beltline Trail. Calls to Seven Oaks were not returned as of press time.
According to a letter to city officials, drafted by Dwell Design Studios for Crescent, which is seeking variances, Crescent intends to develop a six-story, 240-unit apartment with 9k SF of street-level retail along North Avenue. The apartments would be constructed over concrete podium parking with a terrace amenity level containing a gym and a pool.
This is the latest of a new Atlanta pipeline for Crescent under the leadership of Jay Curran, who was named head of multifamily for Crescent in Georgia and Florida in 2013.
Two years ago, Crescent announced plans for Crescent Lenox, a 25-story, 352-unit apartment tower off Lenox Road across from Lenox Square mall in a JV with The Preston Partnership. And according to Crescent's website, it is also planning on Crescent Perimeter (here), a 320-unit, Class-A apartment complex at 5765 Glenridge Drive in Central Perimeter.
