Affordable apartments in desirable intown Atlanta neighborhoods are becoming a scarce commodity. And plans for the demolition of Oak Knoll on Piedmont Avenue in Morningside/Lenox Park—to make way for high-end rentals—is going to exacerbate the affordability squeeze a little bit more.
BisNow reports that Perennial Properties is planning to demolish the post-WWII complex, which they’ve owned for years, to redevelop it into nearly 100 larger units.
The CEO of the company, Tim Schrager, noted that the existing complex is “beyond [its] useful life.”
Undoubtedly, the new units—averaging more than 1,200 square feet each—will rent for substantially more, probably making the move a wise investment for Perennial Properties in the long run.
Rather than attempting to attract millennials, like many new buildings across Atlanta are designed to do, the Oak Knoll replacement will be built with empty-nesters in mind.
With permits in motion, work could begin in the next few months.