Developers have started work on the $101 million luxury apartment component of a mixed-use development that will replace the former SuperTarget in East Roswell.
The apartment community, Averly East Village, will have 335 one-, two- and three-bedroom units and be part of the larger East Village development, which will include 74 townhomes, 75,000 square feet of retail space and a large public green with pavilion.
The first phases of the project include demolition of the existing commercial buildings, which has already begun, and construction of community infrastructure. Construction of the development, which is financed by Truist and designed by Rule Joy Trammell Rubio Architects, is expected to be completed in late 2024.
The work comes as Roswell officials have cracked down on the construction of new standalone apartment buildings in an effort to slow population growth and encourage mixed-use development, according to the Atlanta Business Chronicle.
“The development of Averly East Village comes at a particularly opportune time, with North Atlanta experiencing explosive growth in jobs and residents,” said Jimmy Baugnon, chief investment officer at ECI Group, which is developing the project with joint-venture partner Phoenix Capital. “We are excited to play our part in helping to address the shortage of new housing by building luxury residential units on what was a mostly vacant strip center in the middle of the affluent Roswell area.”
The new community will have live-work units to help integrate the residences with Avery Village’s retail component, which is being developed by the Ardent Cos., ECI said in a press release. Amenities will include a pool with sun shelf, dog spa and park, state-of-the-art fitness center and café-style lounge.