Groundbreaking Today for $35 Million Old Fourth Ward Development
Bohemian House and its 276 units geared toward Generation Y.
Pdfs
Cincinnati-based North American Properties expects to officially break ground today on Bohemian House, its $35 million, 276-unit residential complex in Old Fourth Ward.
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.
Anon
1:52 pm on Wednesday, October 3, 2012
Beige Stucco is very Gen Y....
Stephen Holmowitz
5:16 pm on Wednesday, October 3, 2012
youre wrong Sam
Sam
5:33 pm on Wednesday, October 3, 2012
@Stephen, great comment and contribution to the article.
After some research, they may not have been the original developer but they do own some of Atlantic Station as you can see on their website:
http://looplink.naproperties.com/xNet/Looplink/Profile/Profile.aspx?stid=naprops&LID=17502511&LL=true&PinProfile=true&UOMListing=&UOMMoneyCurrency=&RentPer=PY&SRID=2887189265
John McCay
7:52 pm on Wednesday, October 3, 2012
@Sam - There is no "they may not have been the original developer" about it. They were NOT the original developer, period! AIG was. North American purchased the retail portion of the complex last year, and many think they are doing a damn good job of repositioning the place.
Mark Toro
7:56 am on Thursday, October 4, 2012
Thanks for your support, John. We are encouraged by the warm welcome we've received in the Old Fourth Ward community.
Kit Sutherland
11:15 am on Thursday, October 4, 2012
To the North American Properties team members who organized yesterday's groundbreaking festivities: GOOD JOB!! The Old Fourth Ward is glad you chose our neighborhood for this new development, and we look forward to working with you as community partners. We especially appreciate your generous donation of TEN THOUSAND DOLLARS to the Historic Fourth Ward Park Conservancy, since neighborhood residents and business owners place great value on the willingness of developers to support our community's institutions and organizations.
Ms. Kit Sutherland
President, Fourth Ward Alliance Neighborhood Association, Inc.
Former Board member, Historic Fourth Ward Park Conservancy
Erin
5:08 pm on Thursday, October 4, 2012
Does anyone know if this will be a "green" building?
I know that's a vague term but I'm curious about any efforts.
James Nicholas
9:17 am on Tuesday, October 9, 2012
This area will never reach its full potential until the 700 section 8 apartments that Wingate Properties owns on Boulevard are redeveloped and that area is cleaned up.