UPDATE: 2024 via Urbanize Atlanta: “No work on horizon for Sawtell”
Thank you for your time in reading my blog! I’m committed to bringing you the latest Atlanta news, specifically highlighting developments in town and sharing my insights on them.
Back in early 2022, Kaplan Residential, backed by Chicago fund manager Origin Investments, acquired the 500 Sawtell Avenue plat for the hefty price tag of $31.5m. Their master infill plan (pictured below) spans just under 40 acres, Kaplan shared their goal to eventually place 2,000 multifamily units along with ample greenspace/parks and 150,000 square feet of commercial space in hopes to eventually create a new neighborhood just half a mile from the BeltLine, in the current mostly desolate industrial space across the street from Atlanta’s Federal Penitentiary. This Sawtell development along with other upcoming nearby mixed use projects like Halidom, should spur further development in the Chosewood Park and surrounding neighborhoods also in Federal Opportunity Zones.
According to Kaplan’s plans submitted in late August of this year to the Department of City Planning, their first phase of development plans will cover 14 acres of the site including: 734 apartments, 48,000 square feet of retail, restaurant and amenities along with parking decks to accommodate over 1,238 vehicles. Like many projects in Atlanta (and nationally), the current economic landscape with high borrowing costs has caused some timeline delays from the target start date of Q4 2022 and as of now there appears to be no clear date for groundbreaking.
Overall, I’m excited to see such big plans come closer to fruition for an area that has been long historically experienced disinvestment in Atlanta and should encourage further economic growth in the area, creating more jobs and a higher quality of life. On the flipside, from what has been released so far along with Kaplan’s business model focused on Build to Rent, there will be no housing available for purchase of the almost 2,000 planned residential units, when more housing inventory for purchase is desperately needed. This concerning trend of build to rent communities appears to be here to stay, pushing our city and greater nation further into a renter nation, if this trend continues there will be no middle class left in years to come.
