Monday, July 10, 2017

[EXCLUSIVE] Perennial Properties Planning Peachtree Apartment Project

Atlanta based Perennial Properties plans to construct a new 12-story, 256 unit apartment complex in Brookwood Hills.  The project would be located at 1781 and 1789 Peachtreee Street, parcels that Perennial purchased in 2014 and 2015 respectively.  The two parcels total just over two acres and are currently occupied by a pair of low-rise office buildings. 
Rendering of Perennial's new Brookwood Hills project (click to enlarge)

The roughly 245,000 square foot project would feature apartments built on top of a four-story parking deck.  The project would also include about 6,500 square feet of street level restaurant space and a nearly 10,000 square foot second floor "office space." 

According to Fulton county records, Perennial purchased 1781 Peachtree Street (1.06 acres) for $2.8 million in 2014. In 2014 Perennial purchased  1789 Peachtree Street (.096 acres) for $4.35 million.  According to McGinnity, the company is "only using 60% of what is allowable" for the combined parcel.  
1789 and 1781 Peachtree as they look today 

I began researching this project earlier this year, and in the months since, little has changed at the subject property until recently.  This week, I noticed a "Variance/Special Exception Appeal." The appeal, slated to be heard before the NPU (Neighborhood Planning Unit)-E on August 3rd,  "seeks a special exception (SEP) from zoning regulations to reduce the off-street loading requirements from 6 loading spaces to 4 loading spaces to erect a new mixed-use development."

Jay McGinnity, Vice President of Perennial Properties, indicated that the property already has "commercial zoning 3" that allows for multi-family development.  

If all goes well, Perennial plans to start site work early next year with plans to complete the project in late 2019. 

Just south of the Perennial project, Morningstar Storage expanded and renovated an existing office building into a a nearly 700 unit self-storage facility last year.  
The new Morningstar storage just north of the planned residential development 

Perennial Properties, whose tagline is "Elevating the in-town living experience," already owns and operates a number of in-town residential projects.   

Perennial Properties in-town projects include The Brady on the Westside, Telephone Factory Lofts and 755 North in Poncey-Highland, Highland Walk apartments in the Old Fourth Ward, N. Highland Street apartments in Inman Park, Monroe Place apartments in midtown, Highland View apartments in Virginia Highland, and Myrtle Street apartments in midtown.  

The Byron, a new project, is expected to open by the middle of next month on Peachtree Street at Linden Avenue.  The project, located just south of the former Pleasant Peasant restaurant and across the street from Emory University Hospital Midtown, is on the cusp of the midtown and downtown corridors.  

Perennial Properties is also planning to redevelop a property they already own.  Oak Knoll, an approximately 3.4 acre "garden style" apartment complex on Piedmont Avenue built in 1951, is due to be replaced by a new apartment complex. The existing complex which includes 58 units will be replaced by a 98 unit complex.  Perennial first proposed building a 180 unit complex on the property over two years ago but after facing significant community push-back, worked with NPU-F and community members to come to a compromise on the development.  McGinnity indicated that the company had "over 60 meetings" with the NPU to come to terms on a mutually agreeable development that reportedly has councilman Wan's blessing as well as that of the Design Review Committee (DRC) and the majority of the neighborhood.  

Plans call for the current Oak Knoll property to start to clear out in October with plans to open the new development sometime next summer/early fall.  

Perennial sold their Pencil Factory Lofts project on Decatur Street near Georgia State University last year.

What are your thoughts on the planned apartment community?  What type of restaurant or retailer would you like to open in the new project?  Do you think Atlanta can handle all the apartments that are currently under construction between midtown and Buckhead?

Please share your thoughts below.  

1 comment:

Anonymous said...

Because you can never have too much high density.