The Florida developer behind the Star Metals District in West Midtown is embarking on a new mixed-use project on the Westside Beltline with the $31 million purchase of a 15.5-acre parcel at 1060 Donald Lee Hollowell Parkway.
Details about the future development were scarce, but a press release noted that other projects from the developer, the Allen Morris Co., “focus on creating walkable urban centers with highly differentiated architecture and thoughtfully curated experiences.”
Allen Morris will collaborate with Atlanta Beltline Inc. and local neighborhood groups on the design of the project that “creatively activates the upcoming fourth phase of the Westside Beltline Trail,” President Spencer Morris said.
Allen Morris will be the lead developer of the land, which is surrounded by areas of new investment, including Microsoft’s planned campus at Quarry Yards. The seller, Atlanta-based real estate investment and development firm Tenth Street Ventures, will stay on as a partner.
“I was looking for the right development partner to create a major mixed-use community that’s design oriented and centered around the Westside community,” Tenth Street CEO Brian McCarthy said in the release. “I’m glad to remain a partner on this property, as I’ve had a strong vision for it. It’s an incredible opportunity to reimagine this landscape that is right along the BeltLine and find the best use for the community.”
Private real estate lender Trez Capital provided the financing for the acquisition, while Patterson Real Estate Advisory Group, a capital placement and real estate finance advisory firm, provided brokerage services.
“This project will ultimately help the local community grow by bringing new investment to the area,” said Caperton Putt, Trez Capital managing director for Atlanta. “The developer will take land that was largely industrial for decades and convert it into a neighborhood destination with broad service offerings.”
Allen Morris has other mixed-use projects throughout the Sunbelt, including Charlotte and central and south Florida. The firm is currently building the Bryn House class-A apartment complex in North Druid Hills.