Kennedy Wilson and Shimizu Corporation have partnered to develop Caldwell, a 382-unit luxury apartment community, on the site of a former UPS office in Sandy Springs.
With an overall project budget of $139 million, Kennedy Wilson acquired the 6.9-acre site, located at 35 Glenlake Parkway NE, in late 2025. Demolition of the UPS facility began this summer.
Caldwell marks Kennedy Wilson’s first partnership with Japan-based Shimizu and its first multifamily project in the Atlanta metro. In an announcement, the global real estate investment firm said the project is part of its efforts to grow its multifamily platform in high-growth markets like Atlanta.
“Caldwell offers exceptional long-term fundamentals, driven by strong employment growth and an affluent resident base with limited new multifamily supply,” said John McCullough, president of Kennedy Wilson’s Multifamily Development Group. “By transforming an underused office site into a thoughtfully designed residential community, we are maximizing the utility of the land and creating much-needed housing in one of Atlanta’s most desirable metros.”
The office property will be redeveloped into a five-story community with residences averaging 937 square feet and more than 17,500 square feet of indoor and outdoor amenities. Move-ins are expected to begin in 2028.
New South Construction will serve as general contractor, Dynamik Design as architect and PEC+ as civil engineer.