This Week in Atlanta Real Estate: Legislators pass regional transit plan for metro Atlanta

by Sergio Valdes

The Georgia state legislature passed legislation to establish a regional transit governance, which includes $100 million that will be used for the expansion of transit in the Atlanta metropolitan area. The region’s transit systems — including MARTA, CobbLinc, Gwinnett County Transit and GRTA’s Xpress service — will operate under “The ATL” brand name by 2023. The legislation passed also includes increasing sales tax across counties up to 1 percent for up to 30 years to pay for construction and operation.

In other Atlanta real estate news:

  • Residents of Atlanta’s Westside are concerned about the revitalization efforts in their community because of the dichotomy between the prices of homes in the developments and the income the families in the area bring in, according to a story by WABE.
  • Prestwick Cos. is breaking ground for its Smyrna development The Eddy, a 310-unit Riverview Landing luxury apartment complex with one- to three-bedroom units, starting at $1,150 a month. According to Bisnow, the development is expected to be completed by spring 2019.
  • Epic Development has revealed the first renderings of its latest upcoming Reynoldtown duplex project. According to Curbed Atlanta, each home will consist of four bedrooms, rooftop terraces with outdoor fireplaces, half-bathrooms and two-car garages.
  • The Providence Group of Georgia, LLC announced the development of a new single-family home community in Alpharetta named Rowes Downtown. Prices will range in the mid-$600,000s and will include a connection to the upcoming Alpha Loop and City Trail.
  • Homebuilder David Weekley Homes is beginning its first stages of development of its new community Hargrove, which will come with 59 single-family homes and attached townhomes. The Atlanta Journal-Constitution indicates that the new Georgia development may open by the end of this year.
  • Resource Real Estate acquired the 324-unit Tramore Village in Austell, according to Multi-Housing News. Consisting of nine three- and four-story buildings, community amenities include two swimming pools, a fitness center and a tennis court.
  • Nashville-based firm Carter-Haston Real Estate Services, Inc. has completed its acquisition of Juncture, a 560-unit multifamily community in Alpharetta, from JLB Partners. CoStar says that the community has an assortment of studio, one- and two-bedroom floorplans, and includes a pool, business center and fitness center.
  • The latest report by Dodge Data & Analytics indicates that construction activity in Atlanta has significantly decreased in the month of February. Total spending on construction starts is down 50 percent compared to February last year, and the year-to-date change down 37 percent.