"Out with the old, in with the new," has been the theme of Atlanta development of late as old, inexpensive residences, are torn down for glitzy luxury stuff. Look for the time-honored local trend to continue as plans shape up for the demolition of two dated apartment communities in north Buckhead along Roswell Road.
Tomorrow's News Today reports that two residential builders hope to transform two aging, midcentury multifamily complexes into high-end residential developments which could collectively feature more than 150 units.
The news is merely the southern continuation of a trend that started way back in Sandy Springs, as large swaths of older development along Roswell Road are transformed into new residences and mixed-use developments.
According to the article, developer Monte Hewitt Homes has already purchased a 59-year-old condo community called 50 Lakeland with plans to turn the site into 44 three-story townhomes. While the demolition of the existing buildings on the site is no major loss, it seems the developer has gained approval to clearcut the mature trees on the property in preparation for development.
Meanwhile, across the street, Edward Andrews Homes is attempting a slightly more ambitious project, hoping to replace the Wellington condo community and its next-door neighbor, the 40-unit Victoria apartments, with more than 100 townhomes.
It's unlikely the current owners of the condos will let the units go without a fight, but it seems an inevitability that over time the developer can scoop up enough of the 56 units in the development, each valued at around $100,000, to hold sway. After all, with the goal of grossing more than $700,000 per townhouse in the end, if there's money to be had, it's unlikely much will stop the development. Which is the Atlanta way.