ATLANTA (March 20, 2017) – Looks like Related Co. really is going to start on its Apogee apartment tower in Buckhead.
Over the weekend, crews started preparing for the site and for the demolition of the “We Buy Gold!!!!” and Christian Church of Buckhead buildings on the property at 3372 Peachtree Road next to Maggiano’s. Real estate watchers have been closely monitoring the progress of the development for several reasons.
First and foremost, the development will serve as a bellwether as to whether Atlanta’s and Buckhead’s current multifamily boom still has runway. If so, will Apogee be the last apartment tower developed in Buckhead this cycle? When I asked Related’s Ed Allen at a Bisnow event last month whether the company would start construction on Apogee, he said, “Soon.” That’s a vague word that only means soon. When pressed, Allen said in about 45 days. So, that timeline looks real.
Second, the commencement of construction would allay concerns about Related’s track record in Atlanta. During the last real estate boom, Related said it would develop CityPlace, a huge multi-family-centered project on Roxboro Road in Buckhead. Related never started it, and Amli now is building on the site.
But it is cool to see Related make a large investment in Buckhead to go along with its Midtown project.