New Construction News
The move comes as the company prepares to begin construction of the 37-home second phase of the development, Sweetwater Springs.
The city’s housing authority chose a joint venture of developers to redevelop the long-vacant site of the former public housing project.
The Oak Grove Vista project will be developed on 33 recently acquired acres on Jonesboro Road.
Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.
The complex is part of a larger master-planned community, which will include single-family homes and restaurant and retail space.
Related Development has proposed a mixed-use project that would take advantage of Children’s Healthcare of Atlanta’s nearby billion-dollar expansion.
New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.
Atlanta homebuilder Paran Homes is developing the community in a joint venture with Los Angeles-based real estate investor PCCP LLC.
The head of the Atlanta Preservation Center reportedly said the L-shaped tower would “besiege” an adjacent historic apartment building.
The completion of the property, Westbound at The Works, will mark the end of The Works’ phase one development, which spans 27 acres and includes 184,000 square feet of retail and 125,000 square feet of office space.