This Week in Real Estate: New homes unveiled in Summerhill, affordable housing plans and more

by Zachary Wright

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Atlanta residents may be able to enjoy southern living with a new twist. Urban Purpose Design, a residential design group, recently unveiled their new “Scandinavian Modern” homes in Summerhill.

“It is our answer to the complexities of custom modern for spec development, and it is our response to the lackluster moderns going up in the city,” David Hauser, principal and cofounder at Urban Purpose Design, said in an e-mail. “This lackluster is driven by greed/profit/irresponsible design and development.”

New buyers will be able to purchase from two floor plan variations with four elevation variations. Square footage ranges between 1,800 and 2,500. Three bedrooms and three bathrooms are also included in both floor plans. The asking price for the first home, located west of Grant Park, is $450,000, and the first home hit the market late last week.

In other real estate news:

  • North American Properties announced their new plans to build an affordable apartment community in Avalon as a component of the nonprofit City of Refuge. To help address an “extremely critical housing need,” NAP plans to build 47 apartments with a total of 60,000 square feet. Apartments will come with two or three bedrooms with floor plans between 932 to 1,153 square feet. Most apartments will be occupied by students who participate in City of Refuge. NAP plans to open the complex next summer.
  • Balfour Beatty was hired as construction manager for Toll Brothers Apartment Living’s new mixed-use, multifamily project in West Midtown. Named “the Osprey,” Balfor Beatty will use Prescient’s construction technology and off-site manufacturing platform to build the project’s entire tower structure. Osprey will feature a 13-story Prescient tower, two five-story wood frame buildings, along with a seven-story, 540-car garage. The Osprey features 325,000 square feet, 319 resident units in addition to amenities like a fitness studio, community bar and pool. The top two floors will feature luxury penthouse units with private outdoor spaces. Construction is expected to be completed in early 2020.
  • The Howell Mill Road corridor may not see those promised upgrades any time soon as the city takes a step back from some public works pledges. Renew Atlanta was supposed to have ended the corridor’s improvements by May 2018. However, Michele Wynn, manager at Renew Atlanta, said the office just finished new designs. The project is supposed to improve everything from bike lanes to new pavement. With a cost of $250 million, Renew Atlanta may not be able to pay for all the projects on the list. Wynn said they have started reevaluating the costs.
  • New York and South Carolina investors are buying into Atlanta’s luxury apartment market. Hudson Capital Properties recently purchased Northridge Vista for $49 million. The New York-based company already owns a number of Atlanta properties. Meanwhile, South Carolina-based Blaze Partners purchased both Stadium Walk in SunTrust Park and Overlook at Huntcrest in Duluth. Blaze Partners paid a total of $133 million from Atlanta’s Brand Properties.