This year projects to be a busy one for AMLI Residential, which is planning to introduce well over 1,000 apartments to three hot intown submarkets. The latest plans involve seven acres next to Lenox Square and the Lenox MARTA station in Buckhead, where AMLI aims to build at least 640 units in a more urban fashion than other Buckhead developments, with adjoining greenspace and a grid-like pattern, the Atlanta Business Chronicle reports. In November, AMLI paid a whopping $22.5 million for the site, once slated for a mega condo project that would've cost nearly twice as much as the new Falcons stadium. It looks to be a bit too early for a timeline on the Buckhead project, or for another substantial development in Midtown.
AMLI's other big plans involve Midtown and Old Fourth Ward. AMLI recently purchased the 1.8-acre gravesite of Donald Trump's "Trump Towers Atlanta" with plans to possibly develop an apartment tower between 20 and 30 stories tall. It would join several apartment towers in planning or pre-construction phases in Midtown. At $7 million, the site was far cheaper than the Buckhead land, but also a fraction of the size.
In the more immediate future, the company will open AMLI Ponce Park this year. The $40 million, 305-unit complex is taking shape in the former Masquerade parking lot on North Avenue, in the shadow of Ponce City Market. With that project, AMLI will control the bulk of apartments around the picturesque Historic Fourth Ward Park. Other properties include AMLI Parkside on Ralph McGill Boulevard and AMLI Old Fourth Ward on Glen Iris Drive.
· AMLI to develop more Buckhead apartments [Atlanta Business Chronicle]
· For AMLI, Third O4W Project Is A Vote Of Confidence [Curbed Atlanta]
· AMLI buys former Trump Towers site [ABC]