Written by Janelle Ward for the Atlanta Business Chronicle.
A West Coast-based real estate investment company is partnering with a Japanese contracting firm to erect luxury apartments inside a bustling north Atlanta suburb.
In collaboration with Tokyo-based Shimizu Corporation, Beverly Hills-based Kennedy Wilson is plotting to replace an underutilized office building with a mid-size multifamily community in Sandy Springs, according to an Aug. 31 news release.
Atlanta-based construction company New South Construction will serve as the project’s general contractor.
Dubbed Caldwell, the apartment community is slated to comprise 382 rental units, per the release, as well as more than 17,500 square feet of indoor and outdoor amenities.
It will rise at 35 Glenlake Parkway Northeast, a 6.9-acre site that houses an aging office building previously owned by UPS.
The global shipping giant sold the five-story office asset to Kennedy Wilson for just under $16.5 million in December, Atlanta Business Chronicle reported at the time.
The project serves as Kennedy Wilson’s first partnership with the Japanese firm, as well as Kennedy Wilson’s first ground-up multifamily development to rise in the state of Georgia.
“Caldwell represents an exciting opportunity for Shimizu to expand its presence in the U.S. and provide high-quality residential solutions,” Shimizu Realty Development President Satoshi Arai said in a statement. “We believe that this project will be a significant addition to the neighborhood and is well-positioned to thrive.”
The community is estimated to cost approximately $139 million to develop, per the news release. Construction is anticipated to wrap in time to begin welcoming residents in 2028.
“Caldwell offers exceptional long-term fundamentals, driven by strong employment growth and an affluent resident base with limited new multifamily supply,” John McCullough, president of Kennedy Wilson’s Multifamily Development Group, said in a statement. “By transforming an underused office site into a thoughtfully designed residential community, we are maximizing the utility of the land and creating much-needed housing in one of Atlanta’s most desirable metros.”
Read more at the link above.