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Old Fourth Ward To Get $35 Million Apartment Complex

North American Properties' project is on 3.7 acres near Historic Fourth Ward Park.

North American Properties, a privately held real estate firm, said it closed on a deal to purchase a 3.7 acre tract in Old Fourth Ward for a $35 million luxury apartment complex.

The mid-rise apartment complex is slated to have 276 units on the site, which is bounded by Glen Iris Drive, Dallas and Rankin streets and Historic Fourth Ward Park, Cincinnati-based North American Properties said.

The land was acquired for little more than $5 million.

“As the country’s demographics shift, it’s clear Generation Y prefers to rent their homes, and they want their apartments to be in walkable surroundings in urban settings,” Mark Toro, North American Properties' managing partner, said in a statement.

“The Old Fourth Ward is undergoing an incredible transition, and our target customers want to live in this exciting neighborhood.”

The company, which was founded in 1954 and has other planned projects in Nashville, Austin and Dallas, projects it will begin construction later in the spring. The company's timeline is to have the units ready by the fall of 2013.

The project is another jewel in Old Fourth Ward's ongoing renaissance crown.

In January, Atlanta City Councilman Kwanza Hall, whose District 2 includes Old Fourth Ward, announced a multi-pronged, targeted initiative — one of Old Fourth Ward's main thoroughfares — of many of the problems that residents complain has been a drag on quality of life.

Last July, Jamestown Properties purchased the former City Hall East Building from the city for $27 million. The company is planning a $180 million renovation to the property at Glen Iris Drive and Ponce de Leon Avenue to create the , comprising some 300,000 square feet of retail and restaurant space.

In June, the city opened the Historic Fourth Ward Park. The 17.6-acre park, roughly bounded by North Avenue, Freedom Parkway and Glen Iris Drive, is part of the Atlanta BeltLine Project, the planned 22-mile necklace of parks, trails and transit around the city.

The North American Properties project will be off the Atlanta BeltLine’s Eastside Trail.

The company said the development marks its first ground-up multifamily development in Atlanta since shifting its focus from retail development.

Chris H April 05, 2012 at 05:07 PM
I hope this does not include demolishing the old buildings along Glen Iris. Some of them have been renovated nicely and have businesses in them. Very glad to here of new development by the park, but still want to keep some of the history!
Tammy April 05, 2012 at 07:00 PM
Looking at the satellite view on Google it looks like few buildings will be impacted but multiple old growth oaks will be removed. I'm sure they'll plant some nice Chinese Elms right by the road to make up for the loss.
Péralte Paul (Editor) April 07, 2012 at 12:37 AM
Those buildings — the warehouse-looking ones — won't be demolished. We're told no structure is to come down as a result, actually.
Péralte Paul (Editor) April 09, 2012 at 02:53 PM
I have an update: North American Properties says there is a small, single-story brick building on Glen Iris that will be removed during construction. The company says it's not historically significant and that it has been coordinating with the City, NPU-M and various neighborhood groups over the last 6 - 7 months to review plans.
Joshua McCaffrey March 10, 2013 at 04:41 PM
I've been wondering what is going on over there! From my apartment patio, I have a direct view of City Hall East, and there has been a lot of construction activity for a few months, now.
FamilyOfFour March 11, 2013 at 02:41 PM
This complex will be zoned for Hope-Hill, Inman, Grady. Just wondering what APS is going to do now that their has been a huge surge for people to live in the city, but the schools are already over capacity.
Chris H March 11, 2013 at 02:44 PM
@FamilyOfFour, there is a good possibility that the old Howard School will be opened back up, to help with overcrowding at Inman Middle. At least that is what the neighborhood is pushing for.
FamilyOfFour March 11, 2013 at 07:38 PM
@Chris H, I know that me personally would like for Howard to be reopened, but wasnt sure what veteran neighbors were wanting.

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