A land deal has closed for a project that plans to add a range of housing and retail options along Marietta Boulevard, where hundreds of new apartments and townhomes are popping up between Atlantic Station and the Interstate 285 Perimeter.
Marvin Chapman, an advisor with the Marcus and Millichap real estate investment firm, tells Urbanize Atlanta that developer Proxima Residential closed Friday on a 6.68-acre assemblage of three properties in the 2000 block of Marietta Boulevard.
The three parcels are located in the Bolton neighborhood, across the street from Crest Lawn Memorial Park and cemetery, around the corner from popular Mexican restaurant Nuevo Laredo Cantina on Chattahoochee Avenue. The area has evolved in recent years from an afterthought industrial zone into a brewery and loft-office district with a wave of new housing.
The sales price for the three parcels was $13.05 million, according to Chapman.
Chapman said his team overcame several obstacles in making the deal happen. Those included negotiations for removal of a billboard with a long-term lease on one property. [UPDATE: 11:53 a.m. July 19: Some information released by sources by mistake has been removed from this article, as we're told it could potentially be harmful.]
Proxima’s plans call for building 349 class A apartments and 41 rental townhomes. Other facets of the project will include two units of retail meant to “add to the evolution of the Upper Westside submarket into a setting for multi-residential density, mixed-use, greenspace amenities… paths… and proximity to the West Midtown and Cumberland submarkets,” Chapman wrote via email.
Proxima’s recent intown work includes the Pullman Flats, a boutique condo community overlooking the Pullman Yards mixed-use district in Kirkwood.
When the developer might break ground on Marietta Boulevard isn’t clear, Chapman said.
Residential developments within a few blocks in the Marietta Boulevard corridor include Broadstone Upper Westside, the growing Altus at the Quarter, and a more recent mixed-use project called BRYKS Upper Westside.
The latter project alone is expected to produce nearly 600 more apartments in two buildings.
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