Construction is underway on a Sandy Springs residential project developers say is designed to fill a relative void of new multifamily housing in the area. 

Beverly Hills-based real estate investment company Kennedy Wilson has partnered with Japanese general construction firm Shimizu Corporation to build a 382-unit, luxury complex called Caldwell, officials announced Monday. 

The 35 Glenlake Parkway NE development site spans just shy of 7 acres. It’s located about two miles north of Interstate 285, just south of MARTA’s North Springs station on the western side of Ga. Highway 400. 

The development team recently began demolition on a mid-rise office building at the site that formerly housed UPS offices. 

The five-story Caldwell project marks the first multifamily venture in Georgia for Kennedy Wilson, a global firm.  

The former UPS office building at 35 Glenlake Parkway NE, as seen in January. Google Maps

Plans for the Caldwell project along Glenlake Parkway NE in Sandy Springs. Courtesy of Kennedy Wilson; Dynamik Design

Plans call for apartments averaging 937 square feet, plus more than 17,500 square feet of indoor and outdoor amenities, designed to meet demand in what Kennedy Wilson officials call “one of metro Atlanta’s most desirable submarkets.”

The City of Sandy Springs “has experienced significantly less multifamily supply growth than the broader Atlanta metropolitan area in recent years, supporting sustained rental demand and reinforcing the area's long-term investment appeal,” reads a project announcement.

Sandy Springs leadership in 2022 announced that all new multifamily projects would be rejected for the next three years—not an official moratorium, but close—in an attempt to spur a better mix of housing, following similar actions by the City of Roswell around the same time. 

Forecasts call for the Caldwell project to cost roughly $139 million and to start welcoming first residents in 2028. The project team also includes New South Construction (general contractor), Dynamik Design (architect), and PEC+ (civil engineer).

The Caldwell project’s 35 Glenlake Parkway NE site, in relation to North Springs MARTA station, Interstate 285, Perimeter Mall, and other north OTP landmarks. Google Maps

Nearby, on the opposite side of Ga. Highway 400, construction is underway at Solis Sandy Springs, which will add 341 market-rate apartments and some retail to the OTP submarket in two separate buildings. Earlier this year, Atlanta-based commercial real estate development firm Insignia also filed plans for a 28-acre project nearby that could eventually see more than 1,100 multifamily residences and townhomes. 

The Caldwell development marks the first partnership between Kennedy Wilson, which counts $38 billion in assets under management in the U.S., Ireland, and the U.K., and Shimizu, considered a leading firm in Japanese construction founded in 1804. 

“By transforming an underused office site into a thoughtfully designed residential community, we’re maximizing the utility of the land and creating much-needed housing in one of Atlanta's most desirable metros,” said John McCullough, president of Kennedy Wilson’s multifamily development group, in a statement. 

“We’re creating meaningful value for the local community​,” added Satoshi Arai, Shimizu Realty Development USA president. “We believe that this project will be a significant addition to the neighborhood and is well-positioned to thrive.”

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