ATLANTA — Atlanta-based Capital 33 has joined together with JP Morgan Chase & Co. to develop a 325-unit apartment community near the future site of Atlanta’s Beltline transportation corridor. The 297,600-square-foot property, located at 880 Glenwood Ave. in Atlanta, will sit next to Green Street Properties’ Glenwood Park development. Construction of the apartments, which will cost in excess of $46 million, is expected to commence this summer, with a completion date of winter 2010.
880 Glenwood is a former industrial site that was purchased by Capital 33 last year for $5.3 million. On this brownfield site, the developers are planning to build their property to Silver LEED certification. Units will include energy-saving windows, low-flow fixtures and other environmentally friendly features.
Colin Cavill, a principal partner at Capital 33, first developed the idea for the project when he visited the Glenwood Park area with his son. “I liked the walkability of it,” he says. “I wanted to try and create a development that could use those amenities.” The prospect of building an apartment complex in the area was enough for Cavill, but the Beltline’s projected presence sweetened the pot. “Having this amenity for our residents in the future is an added benefit for us,” he says.
Advisors at Holliday Fenoglio Fowler helped secure financing for the project, which, Cavill admits, was not an easy task. “This was very challenging to launch in this current economic environment,” he says.
To generate interest in the project, Cavill held meetings with members of the surrounding community. 880 Glenwood is on the border of three different neighborhoods, and everyone wanted to be heard. During the year-long zoning process, Cavill listened and says that he found out what residents really wanted from the project in order to make sure every concern was addressed before breaking ground. “Each community had different needs and different requirements,” he says. “They wanted to ensure that the project wasn’t just another apartment community.”