While speaking on a panel at Bisnow’s State of the Market on Wednesday, Carter President Scott Taylor announced that the company will develop 315 West Ponce, a $40 million, mixed-use development in Decatur, Ga. The project will include 233 apartment units and approximately 10,000 square feet of street-level retail space.
“Announcing this local, urban and mixed-use development at the Bisnow State of the Market event in front of a crowd of hundreds of Atlanta’s top CRE professionals was opportune,” said Taylor, who was one of four panelists selected to discuss the state of the commercial real estate market in Atlanta. Wes Hudson, managing partner of CohnReznick, moderated the panel, which also included Larry Gellerstedt, president and CEO of Cousins Properties; Mark Toro, partner of North American Properties; and John Beam, managing director of Centerline Capital Group.
The panelists touted the importance of walkability in new upcoming developments. Carter calculated 315 West Ponce’s walk score at 85, which is considered very high. Additionally, the project’s Street Smart Walk Score, which factors in walking routes and distance to specific amenities, is a 91. Check out this website for more info.
The project will be located two blocks from the Decatur Square, a hot spot for dining, bars and entertainment. According to the Atlanta Journal-Constitution, the development will also include a structured parking deck to be shared between the new retail and residential buildings.
Conor McNally, chief development officer at Carter, told Globe St. that the company is pleased to be developing a new mixed-use building in their backyard. “While Decatur has experienced significant population and retail growth during the last 10 years, no new apartment projects have been delivered since 2001, which makes the timing for this project ideal,” McNally added.
Taylor and fellow panelists also addressed topics such as the multifamily and office markets in Atlanta. Taylor commented on the change in the way office tenants use space, adding that the next generation of office buildings will be smaller, with nearly 30 percent less space.
For more information on 315 West Ponce, read our previous blog post.