Up the hill from Ponce City Market, studio rents at Novel O4W to start at $1,600

Up the hill from Ponce City Market, at a prominent site where a fire-damaged apartment complex and several homes once stood, Old Fourth Ward’s latest rental community is almost ready for its closeup—with rents that reflect the area’s cachet.

The next piece to deliver in North Avenue’s eastside construction boom is Novel O4W, a 233-unit multifamily hub by Charlotte-based developer Crescent Communities that joins three other “Novel” concepts in the Atlanta market.

Hard hat tours for prospective renters have begun, and move-ins are expected to commence next month, officials said this week.

Early info on rents shows that the stair-stepped complex’s smallest offerings, 550-square-foot studios, will begin at $1,600 monthly. The largest units—two bedrooms and two bathrooms in 1,389 square feet—require just shy of $3,500.

Plans for the apartments were revealed in 2017 after financing woes had stymied another company’s planned loft office project, first discussed four years ago. The former low-rise rentals on site and a row of houses to the west, near Boulevard, were razed in 2016.

On the retail front, the only announced tenant signing to date is a coffee shop by Land of a Thousand Hills.

The concept, LTH Coffee and Social, will take about 2,000 square feet of space in the building’s lobby and mezzanine, according to project reps.

Beyond onsite coffee, amenities will include a saltwater pool, dog park, pet washing area, two courtyards (one attached to a fitness center and yoga studio), and a roof deck with what developers describe as panoramic views of Atlanta’s skyline.

Crescent’s three other Novel projects around Atlanta—Perimeter, Midtown, and “Upper Westside”—are either leasing, under construction, or soon to launch, bringing more than 1,200 more apartments, per officials.

Other local projects the firm has built since 2011 include Crescent Terminus and Crescent Howell Mill.