Posted Oct 1, 2020, 9:52 PM
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Join Date: Feb 2005
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RangeWater planning apartment project on the Beltline
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A long-vacant car battery factory located on the Atlanta Beltline could soon be transformed into more than 300 apartments, as a developer hopes to snap up the prime real estate in southwest Atlanta.
The planned residential development by RangeWater Real Estate, formerly Pollack Shores Real Estate Group, is one of dozens popping up along the planned 22-mile loop of multi-use trails, transit and parks that would connect 45 neighborhoods located around the city’s urban core. It is one of the country’s largest urban redevelopment projects. It's also the city’s most comprehensive transportation and economic development project that has attracted roughly $5 billion in private investment, mostly in real estate, over the past decade.
RangeWater is currently under contract to buy the former Exide Technologies battery manufacturing plant at 1246 Allene Ave. The property is located near the intersection of the Southside and Westside Trails in the historic Capitol View neighborhood. A few blocks away is Murphy Crossing, a 20-acre industrial site owned by the city.
RangeWater wants to build the 323-unit apartment development with a coffee shop on the 8.5-acre site. It would be the first new, large market rate development in the neighborhood “in recent history,” said Joseph Martinez, of RangeWater, during a Sept. 1 community meeting with Capitol View residents.
If all goes well, site construction could begin as soon as next spring, Martinez said. The timeline depends on final design approval from the city as well as buy-in from the community. The developer is scheduled to appear before Neighborhood Planning Unit X that represents the area on Oct. 12. Martinez said the company is also in the process of finalizing financing and obtaining a construction loan.
Multifamily developers along the Beltline also know they can successfully rent their luxury apartments at Midtown and Buckhead rates. Edge on the Beltline, a new complex between Old Fourth Ward and Inman Park adjacent to the Eastside Trail, is renting one-bedroom units for between $1,429-$1,649, according to its website. Elle of Buckhead, on Pharr Road and a block from Peachtree Road, rents one-bedroom units for between $1,456-$2,227, according to its website.
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