On a vacant parcel around the corner from the Georgia Aquarium, developers are set to break ground today on a millennial-focused apartment stack promoted as a cheaper alternative to Midtown.
That’s according to an announcement from developer Kaplan Residential, which has overcome a legal squabble to move forward with the “Generation Atlanta” project, expected to rise 17 stories over Centennial Olympic Park Drive.
In combination with Post Centennial Park a couple of blocks away, Generation Atlanta could inject downtown with upwards of 750 new rentals, promising the resident uptick and increased pedestrian activity downtowners have long pined for.
Expect apartments ranging from studios to two-bedrooms, averaging 864 square feet, with below-average rents meant to net Atlantans priced out of Midtown, as developers have previously said.
It’s too early for exact rent figures, but the average monthly commitment for a one-bedroom in a five-mile radius of the site is $1,450, per Yardi Matrix data, as Multi-Housing News has reported.
When Generation Atlanta was first announced in June 2017, officials said the goal would be to offer rentals at roughly 40 cents less per square foot than Midtown.
The project’s architecture firm, Niles Bolton Associates, is behind the design of the new Standard Atlanta student housing tower across the Connector, Gables Buckhead, and a recently proposed Buckhead rental sky-rise.