By Georgiana Mihaila, Associate Editor
Atlanta is one step closer to getting a brand new luxury apartment tower—the first high-rise apartment building to be built in Midtown for the past decade—as the 23-story SkyHouse Midtown prepares to break ground. The announcement was made by the developers last week, following the arrangement of the financing needed for moving forward with the $60 million tower designed by Smallwood, Reynolds, Stewart, Stewart.
The high-rise apartment tower is being developed by a partnership formed by Atlanta-based real estate development and investment company Novare Group along with Batson-Cook Development Company (a subsidiary of Kajima USA). According to MHN Online, the project’s success will be enabled by this strong partnership. Mike Hood, COO of the Batson-Cook Development Company, stated that “The Novare and BCDC team brings a unique and compelling offering. Few teams provide the experience in the multifamily space that Novare brings along with the capital horsepower afforded to BCDC by parent company Kajima USA. Not only do we have a great product designed for today’s customer in a great location, but we can provide lenders with 100 percent confidence that we’ll deliver the product.”
Novare and Batson-Cook Development will also be providing equity, whereas financing for the project will be provided by an investor account under advisement of UBS Global Asset Management’s U.S. real estate division.
The 23-story SkyHouse Midtown will boast a prime location—at 12th and West Peachtree Streets—and will offer 320 luxury rental units with an estimated completion date set for December 2012. The units will be marketed towards young professionals seeking luxury in-town living. Featuring green elements, the developers are already targeting an Energy Star designation for the building.
Photo Credits: JohnnyUrban via Flickr