The developer of a planned apartment stack near Centennial Olympic Park has a message for young Atlantans feeling the rent-escalation pinch in Midtown: give downtown some thought.
Morris Kaplan, Kaplan Residential president, told Bisnow Atlanta his company’s proposal at 377 Centennial Olympic Drive—just north of the street’s intersection with Ivan Allen Jr. Boulevard, about 1⁄3 mile from the park—is aiming to net renters priced out of Midtown.
Dubbed “Generation Atlanta,” the $80-million project is squarely targeted at millennials. It’ll offer 336 apartments in a section of town that should see more foot traffic soon, as under-construction lodging and rental options deliver.
Kaplan said Generation Atlanta will gun for rents around $2.09 per square foot.
As Bisnow notes, citing Haddow & Co. data, that’s higher than downtown rents overall (about $1.60 per square foot) but significantly lower than Midtown’s $2.50/square foot average rents for top-shelf flats.
So the discerning tenant of a brand-new, 1,000-square-footer in downtown could save about $400 monthly if they’re talkin’ ‘bout this G-G-Generation.
Kaplan told Bisnow a groundbreaking could happen in October or November, once cost and financing estimates are finalized, adding: “I think that downtown is going to be replacing Midtown. It's not as sexy as Midtown, but it has so much to offer.”
If the project pans out, it would join the under-construction Post Centennial Park venture in bringing nearly 750 new apartments to the northwestern flank of downtown—an area traditionally underserved by actual residents.