What was once merely a boomlet of new apartment projects in Atlanta can now officially be called a boom, and Midtown isn't necessarily the epicenter. While we've discussed all of the construction activity down in the vicinity of 11th and West Peachtree at length, we've yet to look at all of the apartment development and construction going on in Buckhead in aggregate; turns out there's even more going on there than in Midtown. First you've got JLB Partners' Village at Buckhead, which is taking shape rather quickly on Pharr Road across from the Buckhead Atlanta site and will be open for business this time next year with 373 new abodes for lease. Then you have Buckhead Atlanta's own apartment projects, which will bring 300 rental units in two towers within the BA complex proper. Those are slated to begin construction in the fall and also deliver in 2013.
Jumping across Peachtree there are two more new projects in the works: first, Camden Property Trust's massive redevelopment of the 30-acre site formerly known as The Paces, the first phase of which will bring another 376 units- luxury ones- to the Buckhead submarket in two buildings, with architecture inspired by the work of Neel Reid. CPT will also add townhomes to the mix down the road. Finally, there's the property adjacent to the St. Regis Hotel & Residences on West Paces Ferry. Back before the crash, the site was to host condos and perhaps apartments, but we all know what happened then. After paying $6.7 million for the dirt, Preserve Properties will build a nine-story structure with another 210 luxury units, also slated for completion in 2013.
By our count, that's 1,259 new apartments to be delivered within the next 18 months. So, the multi-million dollar question: will all of these apartments find tenants? Probably. But what will they look like? As you may recall, Buckhead's quasi-rulers are definitely not looking for a return of the French Quarter-Upon-Peachtree. But the youngs do like to be able to walk to the nightlife from their domiciles. We'd imagine retiring baby boomers downsizing from homes in the immediate area or the 'burbs are also a target (especially for the luxury product), but retirees and young professionals could make for an uneasy mix.
· Buckhead Apartments Start This Fall [Bisnow]
· Construction begins on 92 West Paces Ferry Road luxury apartment project next to the St. Regis Hotel [BuckheadView]