(Save the dates: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

ATLANTA—North American Properties has broken ground on a luxury multifamily project in Atlanta’s Historic Fourth Ward targeting Gen Y. Dubbed BOHO, the 276-unit multifamily project will front Historic Fourth Ward Park.

“On a macro level, the metro Atlanta area grew by leaps and bounds in the latter part of the 20th century, but the City of Atlanta was stuck in a steady decline,” Mark Toro, managing partner of NAP, tells GlobeSt.com. “That trend has reversed itself as the population of the city has grown every year for the last decade with those seeking more walkable urban communities.”

Toro says the re-gentrification of Old Fourth Ward has been a direct beneficiary of this growth. But NAP needed three additional components to make its new multifamily development work: a completed Historic Old Fourth Ward Park; a finished multi-use Eastside Trail connecting Historic Fourth Ward Park to Piedmont Park and Inman Park; and the redevelopment commencement of Ponce City Market.

“Old Fourth Ward has shown strong rental and occupancy growth over the last few years responding to the influx of new restaurants and entertainment options complimenting the spectacular recreational uses available in the Historic Old Fourth Ward Park,” Toro says. Given the neighborhood attributes and close proximity to Midtown, he expects the existing multifamily and upcoming new development will be well positioned for continued growth over the coming years.

With BOHO, NAP is demonstrating its strategy to focus on walkable locations with a “cool factor,” sites within walking distance of good restaurants, parks, coffee shops, and other amenities. The $35 million project will open in the fall of 2013—and Toro anticipates Gen Yers will appreciate the multifamily development.

“We are seeing a shift in our industry focusing more attention towards the needs of Gen Y,” Toro says. “No longer content to live the lifestyle of their parents, with a half-acre lot, 2.5 kids and two SUVs, Generation Y seeks interaction beyond the four walls of a suburban home. They seek activity and crave diversity of experience. In a word, they are attracted to energy—energy created by putting feet on the street, residents walking to and from their homes in communities with a rich retail, restaurant, cultural, and recreational offering.”