Developers are citing thriving demand for apartments and relatively little nearby competition as reasons for tossing earlier plans for a phased project in Kirkwood and building the whole rental enchilada at once. Officials with Euramex told a recent Kirkwood community meeting that building between 225 and 230 market-rate apartments in phases won't be necessary, because the market is showing a strong need for new rentals on the eastern side of Atlanta, Decaturish reports. The site is tucked behind Kirkwood Station — a mid-aughts, mixed-use townhome development that's home to businesses such as Kirkyard restaurant and Taproom Coffee — and it's one of the largest swaths of undeveloped land in the area outside of Pullman Yard. Euramex's proposal would be the rare intown multifamily project that is strictly rentals and not mixed-use. Logic says the mixed-use component already exists.
Toward the south end of the site, older low-rise apartments will soon be razed, and Euramex hopes to enter the building-permit gauntlet by the end of this year or early next. The company's goal is to wrap construction within 18 months and begin leasing in 2017. The architects, last we knew, were Dwell Design Studio, a firm behind The Brady off Howell Mill Road on the Westside and Haven at Alpharetta's Avalon, among many other metro Atlanta projects.
As of late last year (i.e., eons ago), plans called for the Kirkwood apartments to be cheaper than much of the new multifamily stock going up in places like Old Fourth Ward and Midtown. Rates for two-bedrooms units, the priciest in the complex, were to top out at $1,600. But that was back in November, and a strong economy, coupled with 10 months, usually spells inflation.