CHAMBLEE, GA-The Charter Cos. of Auburn, AL has entered metro Atlanta's multifamily development arena with the completion of Lofts@5300, a $26-million, 242-condominium community in the center of Chamblee's revitalized live-walk-play mid-city district, seven miles from Downtown Atlanta.
Charter posted 51 pre-construction sales with prices ranging from the low $100,000s to the mid-$200,000s, Diana Rowe, vice president, Charter Real Estate Services LLC, tells GlobeSt.com. Model homes will be installed in September with home closings scheduled for late October. The project is at 5300 Peachtree Rd.
"Chamblee is experiencing a major revitalization while striving to maintain its historic charm," Rowe says. "Currently, Chamblee is implementing pedestrian and streetscape improvements to create uniformity and enhance the city's identity as a mixed-use community." Chamblee has a permanent population of 10,800 but draws from a high-income population of more than 100,000 within a three-mile to five-mile radius, Rowe says.
"Redevelopment and new construction projects are currently improving the city's commercial, industrial and residential developments with even more developers eyeing this area for future development," Rowe adds. "All the improvements in the area are attracting young professionals, singles, young couples and empty nesters."
Lofts@5300 is across the street from the Chamblee Marta station and within walking distance to Antique Row and the area's retail and restaurant corridor. Morris & Raper Realtors of Atlanta is marketing the project for Charter.
Although this is Charter's first multifamily project in the Atlanta market, the company has been an apartment and condominium developer in the Southeast for the past 20 years. Charter's second planned project in Chamblee, Miller Station, is tentatively set for groundbreaking in the fourth quarter.
Four other mixed-use projects in metro Atlanta are in the planning stages. Elsewhere, Charter has mixed-use ventures under development in Panama City, FL and Navarre, FL in the Florida Panhandle; two projects in Sarasota, FL; and single projects in Orlando and Savannah.
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