Phase II construction, which launches in July, will replace 84 of the original 1940s-post World War II townhome apartments, located along the south side of the property and facing the historic Bobby Jones Golf Course, with four- and five-story luxury apartment buildings. Plans for Phase III are still being finalized but will likely include a major renovation of the 128 apartment units on the north side of Colonial Homes Drive, just south of E. Rivers Elementary and Peachtree Battle Avenue. The final project will have a value of more than $100 million.
Pollack Shores has actively worked with the Atlanta Memorial Park Conservancy to vet ideas and improve the community. As such, the firm plans to incorporate a 1.5-acre public park in the center of the property which will be adjacent to the golf course and the Atlanta BeltLine.
“Pollack Shores Real Estate Group approached us early in their design process. The result is the first example of a private developer collaborating with the conservancy to increase open space around the Atlanta Memorial Park system,” conservancy President Roxanne Giles Smith said in a statement. “Pollack Shores agreed to incorporate this park space into their design and make it accessible to users of the larger park system, even though it was not a requirement for obtaining approval for their project. The conservancy considers them a valuable community partner. We look forward to continuing discussions with Pollack Shores throughout the stages of their redevelopment process.”
Said Pollack Shores President Steven Shores, “Our team has worked diligently on this project for several years to make it a reality. From the outset, our goal has been to enhance the charm of this special property while providing all of the best-in-class features and amenities of a luxury apartment community. Our partners in the surrounding neighborhoods have been welcome collaborators as we refined our vision for the site. The end result will be a vibrant new community that provides a rare park-like setting in an urban, walkable location.”
The Jane at Colonial Homes is a 280-unit apartment complex nestled on 2.9 acres along the hilly side of the development just west of Peachtree Road. The one- and two-bedroom apartments feature kitchens with granite and quartz countertops, subway tile backsplashes and upscale appliances. Each unit also showcases balconies that offer private views of the golf course, pool and fountain courtyards or the Buckhead skyline.
Phase II of the Colonial Homes redevelopment will ultimately provide 217 new luxury units on the south side of Colonial Homes Drive, along the golf course. The schedule for construction calls for the firm to break ground in July, with delivery of the first units in the third quarter of 2015. This phase will include the development of the park that will be open to the public.
Matrix Residential, the firm’s property management subsidiary, will manage the apartments.