How This Community is Attracting Young Professionals
- Feb 05, 2015
Atlanta—Novare Group and Batson-Cook Development Co. have broken ground on Atlantic House, a 32-story apartment tower on the corner of 14th and West Peachtree streets in Midtown Atlanta. The property will feature 407 units all together, ranging from studios to two-bedrooms that will include 9-foot ceilings; the top six floors will feature 68 premium one- and two-bedroom units with larger floor plans.
Common amenities will include two roof-top pools, a fitness center, clubroom, business center and outdoor patio space as well as a grilling area, tennis court and dog park on top of the attached parking garage. The project will also have about 13,100 square feet of retail along 14th and West Peachtree streets.
Wells Fargo is providing construction and permanent financing for the project, and NGI Investments LLC, led by Jim Borders, and Batson-Cook Development are providing equity. Batson-Cook Construction is the general contractor, with completion expected in the summer of 2016.
Novare Group is headquartered in Midtown and is no stranger to the market, having developed seven condominium projects, one hotel, and two high rise apartments in the area. According to the company, the local market is bolstered by strong job growth heavily concentrated with professional jobs catering to younger professionals, the target demographic for Atlantic House.
Apartment occupancy exceeds 96 percent in the submarket, and there hasn’t been much new construction since the recession. Novare cites those factors in the lease ups of 77 12th, SkyHouse Midtown and SkyHouse South, some of its previous projects in the market.