Tuesday, April 10, 2018

Developer Proposing Huge New Residential Project Near North DeKalb Mall

Arrowhead Investors, LLC has submitted a rezoning request to DeKalb County to have about 13 acres rezoned to allow for the construction of over 100 single-family and town home units near Decatur.  The developer seeks to have the assemblage rezoned from R-75 (Residential Medium Lot-75) to RSM (Residential Small Lot Mix).  As proposed, the new residential development would consist of 26 single-family residential lots and 76 attached town home units at a density of 7.9 units per acre.

"The property is located on the east side of Valley Brook Road, the terminus of Milton Street, the terminus of Ford Place, and the terminus of North Avenue, at 745, 741, 731, 721, 715, 713, 707, 705, 701, the rear of 701, 695, 681, 675, 669, and 665 Valley Brook Road, Decatur, 742 and 739 Ford Place, Scottdale, and 759 Milton Street, Scottdale. The property has approximately 1,051 feet of frontage along the east side of Valley Brook Road, 40.80 feet on the terminus of Milton Street, 40.69 feet on the terminus of Ford Place, and 15 feet on North Avenue and contains 12.83 acres."

The assemblage is about a mile from US 78 and Your DeKalb Farmers Market, less than two miles from North DeKalb Mall (where Costco is expected to open in 2020), and about three miles from downtown Decatur.  

Arrowhead Investors, a division of Peachtree Corners-based Arrowhead Real Estate Partners, has acquired a number of parcels in and around Atlanta over the years, one in particular quite close to its newly proposed development.  ToNeTo Atlanta reported in 2016 that Arrowhead was planning an approximately 40 unit town home community on Lawrenceville Highway between Orion Drive and Hollywood Drive.  The nearly four acre property was first approved as a personal care facility in 2007, before being abandoned and later proposed as a RaceTrac in 2012.  In the face of fierce community opposition, RaceTrac also abandoned their plans, paving the way for the residential proposal.  

Now known as Towns at North Decatur, the 41 unit, three-story town home community is currently under construction with units starting in the $400,000s according to the property's website.  Towns at North Decatur is now owned by The Providence Group of Georgia, LLC, a subsidiary of  Denver-based Green Brick Partners. 

As was the case in their Lawrenceville Highway project, Arrowhead will likely not be the actual developer of the currently proposed project, rather they will "tee it up" for it to be sold to a homebuilder.  Arrowhead notes this business model on its website: "As a premier supplier of developed lots in the metro Atlanta area, most of the major national, regional and local homebuilders look to Arrowhead Real Estate Partners for their lot inventories."

Brownstones at Decatur, an 84 townhome development on Scott Boulevard was one of Arrowhead's previous developments.  

Arrowhead's proposal is due to be heard by the DeKalb County Planning Commission Tuesday May 1 at 6:30 PM and by the DeKalb County Board of Commissioners Tuesday May 22, also at 6:30 PM.  Both meetings will be held at the Manuel Maloof Auditorium at 1300 Commerce Drive in Decatur.  

Are you in favor of the proposed redevelopment?  Do you think the developer is proposing to build too many units?  Did you know that townhomes near North DeKalb Mall were fetching so much?

Please share your thoughts below.  

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