(Read more on the multifamily market.)

ATLANTA-Locally based developer BHC Property Group is planning a $150-million project to redevelop the 40-acre site of the former Lakewood General Motors plant into a mixed-use development. Atlanta’s Zoning Review Board has approved the plans, which must be approved the Atlanta City Council.

The development plans include 324 townhomes, 210 condominiums and 610 apartment homes. One apartment building will have 25,000 sf of retail space for shops and businesses on the ground floor. The townhomes will have rear garages accessed by alleys. The community will also have green spaces with benches, wide sidewalks, a 2.3-acre central park, pool and clubhouse.

Construction on the development, in the Chosewood neighborhood, is expected to begin in 2008. Lord Aeck and Sargent is the lead planning firm on the project. “This area has so much potential,” says BHC Property Group president Jim Braden. “This is a great location which presents a wonderful opportunity for the potential residents, for the neighborhood, and the city as a whole.”

BHC has developed more than 40 communities in the past two decades, including Vinings on the Chattahoochee, the Enclave at Grant Park, Buckhead Forest Mews and Kingsboro Park.

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