Atlanta's next Elan apartment project should break ground soon in Reynoldstown, consuming a city block across the street from the Edgewood Retail District, officials announced this week. Plans call for 285 apartments in a five-story building, ranging from studio units to two-bedrooms, with an average of 890 square feet. Also expect 16,000 square feet of ground-level retail, fronting Moreland Avenue and wrapping around on either side to Wade Street and Seaboard Avenue. "Preliminary interest in the project has been very strong from retailers," Steven St. Paul of Crim & Associates said in a press release. "Being located across the street from an established regional shopping center ... offers retailers and restaurants an established customer base to tap into." The 4.5-acre site is an amalgamation of about 20 individual parcels that Crim has cobbled together. Last week, the Atlanta City Council gave final approval for the project's requisite zoning.
St. Paul said construction is expected to begin this fall, with a projected opening in the first quarter of 2016. For this deal, Crim has teamed with Greystar Real Estate Partners, who manage 21 apartment communities with more than 8,300 units in metro Atlanta. It marks Greystar's third Elan development in Atlanta since 2012. Other offerings include the recently opened Elan Westside. (Here's a peek inside those apartments).
The release doesn't label the project with a specific name, but earlier plans submitted to Invest Atlanta used "Elan Five Points" as a tentative title. Those same documents indicated that apartments would range from 605 to 1,050 square feet with rents between $1,150 and $1,700, making them considerably cheaper than other, more high-profile rentals in the pipeline.
· Recent Reynoldstown coverage, discussion [Curbed Atlanta]
· Visuals, Details Surface For Edgewood Mixed-Use Project [Curbed Atlanta]
[Renderings courtesy Crim Development/Greystar.]