(To read more on the multifamily market, click here.)

ATLANTA-Locally based Fabric Developers LLC is planning to construct Railside Lofts, a $50-million mixed use development on 6.6 acres in the Castleberry Hill neighborhood. The project will include 186 residential units, 35,000 sf of retail/commercial space and a linear park along the Norfolk Southern rail line.

The development will rise within Castleberry Hill Historic Landmark District and will be the gateway to Castleberry via Peter’s Street. Railside Lofts LLC acquired the land for the project in December from Norfolk Southern Corp.

Fabric Developers LLC CEO Jerry Miller tells GlobeSt.com the developers are still in the entitlement process for the project. Site work will begin by the year’s end, with project expected to go vertical in the first quarter 2008. The projected, which will be constructed in four phases, is expected to have a three- to four-year build-out.

“Castleberry Hill is the only true loft district in Atlanta,” Miller says. “This is one of the last remaining development parcels in the neighborhood. This gives us an interesting opportunity to expand on the aesthetic of the neighborhood and add to its historic nature.”

Master planning for the site is being done by Steven Wilkinson Stang & Newdow and Tunnell Spangler Walsh. Marketing efforts for the property have not yet started, but the residential units will most likely be for-sale units.

Miller, a principal at Miller Gallman Developers LLC for the past 12 years, formed Fabric Developers with Ray Kuniansky, who was COO Atlanta Neighborhood Development Partnership. Railside Lofts is one of several new developments in Castleberry Hill. Others include Castleberry Point, a 108-unit mixed unit development by Miller Gallman Developers.

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