BLIGHT TO MIGHT
About half of Atlanta‘s apartment deliveries in 2006 occurred in the urbanized neighborhoods inside the Perimeter, and this area also added more than 3,700 condo units. Despite head-to-head competition, these new apartment and condo developments have been able to coexist and even prosper, despite rising within feet of each other. Apartment occupancy and rent appreciation in Atlanta’s more centrally located submarkets typically register at notably higher rates than the metro average. The urban core neighborhood really making he ad lines now is the Lindbergh area, which has long been considered prime real estate among industry insiders. “The principal attraction of the Lindbergh area is the excellent location,” says Robbie Reese of Lane Co., a local multifamily developer. “It’s the nexus between Midtown and Buckhead and provides quick access to everywhere in the city.”
The presence of a transit stop on the Metropolitan Atlanta Rapid Transit Authority rail line gives the neighborhood extra appeal. “It’s the second busiest MARTA station in the entire Atlanta system, where the northern rail line branches, so it gets every north-south train,” notes Harold Dawson Jr., president and CEO of Atlanta-based Harold A. Dawson Co.
A slew of new projects are now going up in the area. Ascending around the Lindbergh transit station is the neighborhood’s striking centerpiece: Lindbergh City Center. This huge, public-private, transit-oriented, $500-million village has been spearheaded by locally based master planner Carter & Associates, MARTA, BellSouth (now AT&T), and Harold A. Dawson Co. After purchasing land from MARTA on the 47-acre Lindbergh site, telecommunications giant BellSouth constructed twin 14-story office buildings atop the existing Lindbergh Center rail station. Adding to the critical mass of workers in the area, MARTA’s corporate headquarters is located next door in a 230,000-square-foot building.
Making this a true transit-oriented development, the residential component has recently emerged. In early 2007, Harold A. Dawson Co. and Lane Co. finished work on Uptown Square, a 364-unit apartment property. Amenities at this upscale development include landscaped courtyards, gazebos, a clubroom/media lounge, and a fitness center with a yoga zone. Restaurants and even a new nightclub, the 7,800-square-foot Lotus Lounge, line the streets outside leading to the rail station.
Next door to Uptown Square, construction is now under way on eon at Lindbergh, another collaboration between Harold A. Dawson Co. and Lane Co. This community will offer 352 one- and two-bedroom condominiums that will boast 10- to 12-foot ceilings, hardwood floors, stainless steel appliances, and granite countertops in the kitchen and bathroom.
Providing what might be the best amenity of all, eon at Lindbergh is being built to EarthCraft specifications, meaning it will be environmentally friendly, saving homeowners a chunk of change every month when the utility bill arrives. Condo prices are starting at $180,000, and the first residents will start moving in around mid-2008.
Dawson points out that “as a comprehensive mixed-use development including major office, retail, and residential components, Lindbergh City Center is a sustainable urban center unto itself.”