One of Atlanta’s hippest neighborhoods is adding 23 contemporary townhomes.
Tampa, Fla.-based Icon Residential reported the townhomes will be priced from the $300s to the $400s and feature five 1,750- to 2,100-square-foot floorplans with rooftop terraces.
The development- dubbed Reynolds Square- will be located near the Edgewood Retail District in Reynoldstown.
Icon Residential Principal Mike Bednarski, a managing partner with the developer, said Reynolds Square will be the catalyst for smart residential redevelopment and will bring additional growth Reynoldstown,
“Our team’s core strategy is to re-urbanize alluring neighborhoods near city centers that offer a live-work-play environment,” he said. “We’ve hit an inflection point where it is a better value to buy rather than rent apartments with rent growth appreciating considerably over the last few years.”
Bednarski added the monthly cost of a unit at Reynolds Square is comparable to a two- or three-bedroom apartment that is 40 to 50 percent smaller.
Ricky Jones, a director in Franklin Street Real Estate Services’ Atlanta office, said developments around the Beltline that have been delivered have been absorbed very quickly, and demand and prices continue to rise on the intown, walkable, well located townhomes.
“Weiland with ‘Square at Glen Iris’, Cablik with ‘Skyhill’ and ‘+71 Lucy’, and Epic with ‘Watertower Stacks’ have all been active in the intown townhome scene and all have products that have either recently delivered or will be delivering in the next 12 months in very desirable locations, specifically around the Beltline,” he said. “The sales price has inching up to around $300 per square foot as the well located inventory is taken off the market.”
The first residences are expected to be completed by late 2016 with the first residents moving in January 2017.