The communities are the Flats at Mt. Zion, a 210-unit apartment community aimed at families with children who attend Mt. Zion elementary and primary schools, and the Villas at Mt. Zion, a 96-unit independent-living property for residents 55 years old and older.
The builder expects the homes to range in size from 1,800 square feet to 2,200 square feet and be priced between $499,000 and $550,000 each.
The 355-unit building is a key element of the Midtown Union mixed-use development, which will also include a 26-story, 612,000-square-foot class A office tower, a 23-key Kimpton hotel and 32,000-square-feet of street-level retail.
“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi
The real estate investment and land asset-management company has identified 17 near-term development opportunities and is in advanced negotiations to develop build-to-rent communities with about 2,500 units across the country.
The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
The residential portion will be known as the Abbington at Ormewood Park, while the commercial component will be called The Lodge in honor of the historic Masonic Lodge that will be the centerpiece of the development.
Expert panelists from Zillow’s Home Price Expectations Survey say if changes aren’t made, new construction growth will stall, home prices will continue to increase, and less of today’s 30-somethings will have the ability to own a home.
The Atlanta-area communities are in Alpharetta and Sugar Hill, while the Texas projects are in Frisco, Allen, McKinney, Forney, Princeton, Grand Prairie and Waxahachie.