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This Week in Atlanta Real Estate: Changes to dockless bike regulations, apartment construction slowdown and more

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Changes regarding dockless bicycles and scooters along Atlanta’s trails could be coming soon. The Atlanta City Council is currently considering allowing dockless scooters to legally travel along the city’s multi-use trails, Curbed Atlanta reports. The Public Safety and Transportation committee recommended that shareable bikes and scooters should be allowed anywhere personal bicycles are and electric rides should have a speed cap. However, motorized vehicles are still banned along the Beltline.

Additionally, the committee proposed introducing regulations that would allow the city to geocode areas as on- or off-limits for dockless vehicle parking, and impound any vehicles left in restricted zones.

In other Atlanta real estate news:

  • According to a new report from RENTCafé, apartment construction in the Atlanta area seems to be slowing down, at least slightly. Apartment construction is down 2 percent in 2018 with 6,048 new units expected within the city, while 6,191 were delivered in 2017. However, when expanding to the Atlanta metro area, apartment construction is down 13 percent. This is slightly more than the national average, where new apartment construction is down 11 percent overall.
  • Grubb Properties withdrew its earlier proposed plans for a mixed-use project on Perimeter Center East in Dunwoody after City Council shared concerns about density and increased traffic. The 20-acre space was originally going to include five residential towers with 1,200 apartments and condos, a 19-story office tower and parking decks. Representatives said they were planning on lowering the number of residential units to 900 that would all be condos after receiving feedback. Read more about the proposed plan, which will be presented in early September, in the Reporter Newspapers.
  • On the Westside, a 17-acre mixed-use project proposed by Brock Built Homes received approval to move forward from the Atlanta City Council. Named “Echo Street Communities”, the building would need to have 20 percent of its 718 rental units and 40 townhomes to be at 80 percent of the area median income, according to the Saporta Report. But since the average English Avenue resident still would not be able to afford those apartments, developers are talking to Invest Atlanta and the Westside Future Fund to see if an additional 30 units could be provided at 30 percent of the area median income.
  • The 198-unit apartment community Park Place, which is located in Peachtree City, has been acquired by a private California-based investment group. Built in 1988, the apartment complex provides the opportunity to live in one of Atlanta’s most affluent neighborhoods. Cushman & Wakefield represented the seller, Croatan Investment and Brightman & Gil REIM.

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