Atlanta Business Chronicle | Summerhill to add hundreds of housing units as part of neighborhood's renaissance
Atlanta’s Summerhill neighborhood could add hundreds of residential units over the next few years, offering an area once cut-off from downtown a bigger piece of the city’s urban renaissance. A joint venture of Carter, Oakwood Development and Healey Weatherholtz Properties is redeveloping much of 82 acres around the former Turner Field including Georgia Avenue and Hank Aaron Drive.
Georgia State University, which bought the stadium, is the largest catalyst for $500 million under development across the Summerhill area just south of downtown.
The next phase of the neighborhood’s transformation is housing and a possible grocery store.
Carter is pursuing financing for a 310-unit apartment project overlooking right field of the proposed Georgia State baseball stadium. The Atlanta real estate company wants to start construction by August. The apartment development is being designed by Rule Joy Trammell Rubio, LLC.
As Carter eyes the new apartments, it could tap into existing relationships with capital partners on its other projects including Kayne Anderson Capital Advisors and Hunt Investment Management.
Carter’s President and CEO Scott Taylor says the federal Opportunity Zone program is also spurring more interest from private equity. Aspen Heights Partners is already adding more than 200 units of student housing in Summerhill.
Additional for-sale units are also planned. In December, Carter sold about three acres just off Georgia Avenue to Atlanta’s Hedgewood Homes. The developer is seeking a building permit for up to 100 townhomes starting at $300,000. The units will be a short walk from a variety of new restaurants and shops.
By Douglas Sams, Commercial Real Estate Editor - Atlanta Business Chronicle
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