The trend of smaller, for-sale condos being developed at more attainable prices around Atlanta is bound for Reynoldstown.
That’s according to paperwork filed with the City of Atlanta by Thrive Residential, which shows plans for a community of condos and townhomes rising from a 2.1-acre plot the developer has bought from communications giant AT&T.
In recent years, Thrive has built nearby townhomes in the heart of Reynoldstown, along the Beltline in Old Fourth Ward, and in East Atlanta Village.
The company’s latest project at 195 Chester Avenue would include condos with about 500 square feet selling from the high $200,000s, alongside more townhouses, according to a rezoning application filed with the city last month.
Atlanta underwent a drought of new condo projects following the Great Recession, due in part to lending restrictions from banks that’d been burned during the economic downturn. More recently, however, condo proposals with smaller footprints and lower asking prices have popped up from Kirkwood (starting in the $190,000s) to Chamblee (from the $200,000s for entry sizes of 501 square feet).
The 764 Memorial project in nearby Cabbagetown has also sold condos in the $200,000s along Memorial Drive.
Thrive is seeking to rezone the Reynoldstown acreage it now owns from industrial to multifamily residential. AT&T reps told Curbed Atlanta last week they’d moved operations elsewhere and closed on a deal to sell the shuttered work center and surrounding parking lot to Thrive in December.
Thrive’s plans call for 67 units from the high $200,000s to high $400,000s, with a projected completion in 2022. Marketing is expected to commence this fall, per the paperwork.
Expect 22 one-bedroom, one-bathroom units of about 480 square feet, priced in the high $200,000s.
Forty-four two-bedroom, two-bathroom options with just shy of 1,000 square feet will be priced from $425,000 to $475,000.
The development would also include a singe three-bedroom, two-bathroom residence of 1,690 square feet, priced in the high $400,000s.
AT&T joins eastside corporations large and small that have cashed in on real estate with close proximity to the Beltline. (AT&T reps didn’t disclose the sales price.)
The nearby section of the Beltline—the final leg of the popular Eastside Trail—was completed and opened to the public last summer.