What’s long been expected to be the tallest BeltLine-adjacent new condo building to date has instead gone rental—with some of the most astonishing rents Atlanta has ever seen.
Lording over Edgewood Avenue, a few yards west of the Eastside Trail, The Indie project stands out at 13 stories, having risen from a below-grade site next to a self-storage facility. Upon breaking ground two years ago, officials with developer Capital City Real Estate told Urbanize Atlanta all 91 of The Indie’s units would be for sale, with prices to be determined.
After a year of spiking interest rates and economic turbulence, each of The Indie’s offerings are instead being marketed as “condo-quality” apartments, with “European features,” classic finishes, and open floorplans ranging from studios to three-bedroom options. Move-ins for some apartments are scheduled to begin this month.
The penthouses listed for rent now, both set for June availability, range between a mind-melting $10,400 and more than $15,000 monthly.
Perched on the 13th floor, the priciest penthouse spans the size of a rather large intown house, with three bedrooms and three and ½ bathrooms in 2,729 square feet—for $15,645 per month. (The required $500 deposit probably won’t be a deterrent—not when you’re forking over 31 times that amount for rent each month.)
According to Zillow data, no apartment or townhome across all of Atlanta—and only a handful of houses—is asking for a higher rent right now.
That penthouse rent almost doubles what the priciest, three-level apartments at New City Properties’ new Overline building are asking farther north in the Old Fourth Ward, also along the BeltLine.
What kind of pad does 15 large afford a deep-pocketed renter (or renters)?
One with a walk-in laundry room, a large foyer, and an office in addition to the bedrooms with an oversized terrace attached.
On the flipside, the smallest and cheapest floorplan listed to date (775 square feet) is a one-bedroom, one-bathroom option asking $2,628 monthly.
The Indie marks the latest venture in Washington D.C.-based Capital City Real Estate’s building spree along the Eastside Trail, which also includes the Flats at the Indie condos next door and The Roycraft condos in Virginia-Highland. The building’s name is a nod to “the grit of Atlanta’s Krog District and growing art/film scene,” as the marketing spiel goes.
With 16,000 square feet of retail at its brick-clad base, plus loft office space, The Indie will incorporate mixed uses. Overall, the design is meant to complement the “historic and industrial look of the booming Old Fourth Ward neighborhood and the thriving Edgewood Avenue corridor,” as development heads have put it.
Developers have promised The Indie will offer unobstructed views of the full Atlanta skyline from some units and the BeltLine from others.
Those vistas, apparently, come at a premium.
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