Source: Jarred Schenke, Bisnow Atlanta
One of Downtown Atlanta's newest apartment projects is hoping to attract renters priced out of Midtown's market.
Kaplan Residential President Morris Kaplan is spearheading an effort to develop Generation Atlanta, a 336-unit apartment community at 377 Centennial Olympic Drive, next door to the new Downtown W and EY's (formerly Ernst & Young) regional headquarters at 55 Allen Plaza. Kaplan said the project is in final cost and financing estimates.
“We're hoping that, if everything falls into place over the next two to three months, we'd like to break ground in October, November,” he said.
The $80M Generation Atlanta will be targeted toward millennials and is shooting for rents around $2.09/SF, which is higher than the average Downtown Atlanta apartment rent of about $1.60/SF, according to Haddow & Co. But as new construction, the price is lower than new apartments opening up in nearby Midtown, Kaplan said. According to Haddow, new Class-A apartments in Midtown rent for an average of $2.50/SF.
Kaplan's project is part of a wave of new development taking shape in Downtown, including major redevelopments of Underground Atlanta, the Turner Field stadium reinvention and the $80M-plus Post Centennial apartment project off Centennial Olympic Park. These projects are adding to the submarkets overall momentum and interest, Kaplan said.
“I go back 30 years in Downtown, and I'm one of the few guys except for Post [Properties] and [late founder of H.J. Russell & Co.] Herman Russell. Nobody touched Downtown,” he said. “I think that Downtown is going to be replacing Midtown. It's not as sexy as Midtown, but it has so much to offer.”
Kaplan will be on tap for Bisnow's Midtown + Downtown event along with Atlanta Mayor Kasim Reed, Atlantic Realty Partners CEO Richard Aaronson, The Trillist Cos. CEO Scott Leventhal, WRS Inc. CEO Scott Smith and Invest Atlanta CEO Eloisa Klementich 7:30 a.m., Wednesday, July 19, at The Ritz-Carlton Atlanta, Downtown.