|Where Alfredo's operated for over 40 years|
Nearly 450 more apartments coming to Cheshire Bridge
Atlanta-based developer Westplan Investors plans to develop nearly five acres of land on Cheshire Bridge Road into two new apartment complexes. The firm purchased two nearby parcels last year on which is plans to construct "Accent 2050" a 198 unit apartment complex and "Accent Morningside" a 239 unit apartment complex.
Accent 2050 will be built in place of The Doll House, a strip club that recently relocated to Sandy Springs where is now shares space with Coronet Club. Accent Morningide will be built across the street from Accent 2050, replacing the beloved Alfredo's which closed earlier this year ahead of the planned redevelopment.
|The former Doll House strip club at 2050 Cheshire Bridge Road|
Documents I obtained indicate that at least some of the Aldredo's parcel, which also included an auto shop and Ethiopian restaurant, and DOT facility, is subject to Brownfield remediation.
(Alfredo's Italian Restaurant, which closed this past April after over 40 years in business, has reportedly been thus far unable to find a new location suitable for their needs and at a price that ownership can afford.)
|The former Alfredo's - 7/16|
I have been working on this post for months and multiple attempts at communicating with Westplan or a representative of the firm were unsuccessful. The firm, with headquarters in Sandy Springs, often uses funds from Dutch investors to invest and finance their real estate endeavors, primarily in multi-family construction.
The company's stated core values are honesty, communication and transparency.
According to their website, "Westplan Investors has invested in more than $2 Billion in real estate since its inception in 1994 with a primary focus on apartments."
"Westplan owns 5,404 multifamily units with an additional 1542 units and approximately 750,000 sf of retail in core markets in the Southeast with a value in excess of $1 Billion."
This week I noticed that demolition had begun on the Alfredo's parcel, but not the Doll House property so it seems that the "Morningside" property will be built first. It's worth noting that a demolition permit for the Doll House property was filed with the City of Atlanta in May whereas the demolition permit for the Alfredo's property was filed in January.
|Rendering of "Accent Morningside"|
Research done in preparation for this post indicates that Westplan spent about $6.7 million on land for the "Morningside" project and about $4.5 on land for the "2050" project.
The "2050" parcel includes about 2.4 acres while the "Morningside" property encompasses about 7.5 acres, of which about 6.8 represent "disturbed acres," or land that will be built on / directly affected by construction.
|Rendering of "Accent 2050"|
The "2050" project will also include the renovation of existing 50,000 and 70,000 square foot warehouses into loft office / showroom space.
Documentation shows that the firm plans to offer the "Morningside" units, which will reportedly average 871 square feet in size, for an average monthly rent of $1538 per unit.
Units in the "2050" project will come in a little smaller at an average of 812 square feet and a little cheaper with an average monthly rent of $1474 per unit.
These sizes and prices are of preliminary and were planned months in advance so some modification is to be expected as the properties get closer to actually leasing.
First move-ins are expected to be offered in July 2017 for both complexes with expected completions for "2050" in October and "Morningide" in November.
Research indicates that Westplan intends to place both its "2050" and "Morningside" properties on the market in mid 2019.
Westplan is actively leasing two other intown projects, one in Executive Park off North Druid Hills, with visibility from I-85 North, and another on Northside Drive by the Atlanta Waterworks.
|Accent North Druid Hills|
Accent North Druid Hills features 310 units with 746 square foot units starting at $1495 per month and going up to 1149 square feet at $2200 per month.
Accent Waterworks, located literally on top of popular gay strip club Swinging Richards, offers units starting as small as 620 square feet for $1250 per month and going up to 1162 square feet at $1950 per month.
|Accent Waterworks with Swinging Richards between it - 7/16|
According to the Westplan website, Eagle's Brooke, a 520-unit garden style apartment complex is the company's only current investment in Georgia. The same website lists a number of "exited investments," among them are Two Blocks, a 400 unit development just off Chamblee Dunwoody Road in Dunwoody, The Heights at Armour, a 372 unit development on Armour Drive near Sweetwater Brewery and Five Oaks, a 280 unit development on Montreal Road in Tucker.
The firm also previously had stakes in both Fountain Oaks shopping center on Roswell Road in Sandy Springs and Rivermont Station on Holcomb Bridge Road in Roswell.
As a company, Westplan describes their experience and interest as follows:
"Markets that fit in our multifamily experience: Atlanta, Raleigh, Houston, Dallas, San Antonio, South Florida, Tampa, Jacksonville and Phoenix Suburban locations with barriers to entry submarkets Urban locations with relatively low cost basis."
Are you excited to see Cheshire Bridge begin to shed its seedy businesses in favor of premiumly priced apartments? Do you still miss Aldredo's? Do you currently rent, if so, what do you consider your threshold in metro Atlanta?
Please share your thoughts below