Star Metals Nabs Financing For Amenity-Powered Project
A new mixed-use project in Midtown has nabbed the dollars it needs to unleash a slew of eye-popping amenities.
The Allen Morris Co. secured a $90M construction loan from Square Mile Capital Management to begin development of its Star Metals Residences, a 409-unit apartment building that will include more than 16K SF of ground-floor retail and a parking garage.
The project — at 1050 Howell Mill Road in the burgeoning West Midtown neighborhood — will also have a list of amenities on steroids, including a private, outdoor dog run, a dog wash area, a library with a fireplace, a rooftop bar and lounge, an arcade game room, a fitness center with a pool terrace, outdoor fire pits, a grilling area and a movie projection area.
Amenities are a key feature in today's apartment wars in Atlanta, especially as another 9,000 new units are expected to deliver in the region this year. Those amenities have evolved since the heyday of the 1980s and 1990s. Out of favor are the bundled cable packages, volleyball courts and business centers and in their place are amenities that focus heavily on lifestyle and wellness, including fitness-on-demand centers, coworking facilities, dog parks and dog spas.
“For us, it's just so critical that you have the best amenities that differentiate us from our competitors,” Tribridge Residential partner Jim Schroder recently told Bisnow. “It's an arms race for the best amenities.”
