Kaplan Taps Prescient for 336-Unit Atlanta Tower
- May 22, 2018
Kaplan Residential has entered into an agreement with Prescient to use its proprietary BIM platform for the development of a 336-unit community in downtown Atlanta. Financing will be provided by Santander and Citizens Bank, with equity capital from Parse Capital, arranged by Central Park Capital Partners.
The project, Generation Atlanta, has been in the planning phase for several years and was initially slated to break ground in late 2017, but legal disputes delayed its deployment. Prescient will work with architect Niles Bolton Associates and general contractor CBG Building Co. to deliver its tallest project to date utilizing its BIM services.
The community will consist of studios, one- and two-bedroom units, averaging 864 square feet, according to Yardi Matrix. The 17-story tower will feature amenities such as a pool, rooftop lounge and terrace. Generation Atlanta is targeted at Millennials and will boast lower-than-average rents. Yardi Matrix reports that the average monthly rent for a one-bedroom unit in a five-mile radius is approximately $1,450.
Generation Atlanta will be located at 377 Centennial Olympic Park Drive. Residents will be close to all downtown Atlanta can offer, including plentiful dining, shopping and employment opportunities. The Civic Center subway station is within walking distance and Interstate 85 has an exit adjacent to the community.
The land parcel was the subject of a legal dispute between Kaplan Residential, the Atlanta Housing Authority and Integral Group. The lawsuit was settled and construction will begin this month, with 2020 as the new target date for completion.
Prescient employs a modular construction technique together with its Digital Thread proprietary BIM system, claiming to drastically cut costs and construction time, reduce developer risk and deliver superior buildings. MHN recently interviewed Prescient Executive Chairman Satyen Patel on the benefits of adopting the company’s services.
“(Prescient’s) innovative technology helps ensure that our projects are completed as accurately as possible, significantly reducing the potential for issues on the project site,” said Nathan Kaplan, partner at Kaplan Residential, in a prepared statement.
Rendering courtesy of Niles Bolton Associates