Groundbreaking Today for $35 Million Old Fourth Ward Development
Bohemian House and its 276 units geared toward Generation Y.
North American Properties closed on the 3.7-acre tract bounded by Glen Iris Drive, Dallas and Rankin streets and 17.6-acre Historic Fourth Ward Park earlier this year.
The land, which is just off the Atlanta BeltLine’s Eastside Trail, was purchased for about $5 million.
BOHO, as the project is called, will be built with Generation Y in mind.
“We know Gen Y wants walkable communities that provide unique experiences, both where they live and where they go for shopping and entertainment,” Mark Toro, managing partner of North American Properties, said in a statement. “For BOHO, having the Historic Fourth Ward Park in our front yard is the first step in creating that great experience.”
That explains the privately held firm's choice of Old Fourth Ward, a rapidly gentrifying neighborhood that has attracted an influx of newcomers drawn by new restaurants, coffee shops and greenspace, as well as the community's walkability factor.
BOHO residents are expected to begin moving into the complex in the fall of 2013.
North American Properties, which has some $4 billion in residential, retail and mixed-use properties under management across the country, owns Atlantic Station and is developing the Avalon, $600 million luxury apartment rental and retail project in Alpharetta.