Editor’s Note: These townhomes are actually located in Old Fourth Ward, not Inman Park as previously reported. For more information, including a clarification and full correction, click here.
It appears that the long discussed new construction townhome project is underway in Inman Park:
Minerva, an Atlanta development company, plans to build 66 townhouse units on a 4.8-acre tract along the BeltLine at Highland Avenue, where Inman Park meets the Old Fourth Ward.
The site, bordered by Freedom Parkway and the BeltLine, had been zoned by the prior owner for 28 single-family homes with garage apartment units. But that proposed development went bust during the recession and the property was taken over by lender Bank of America before being purchased by Minerva last year.
Minerva’s project, called Highland Park, will feature 3 and 4-bedroom units averaging about 2,200 square feet, said Stacy Patton, project director at Minerva. The three-story townhouses, each with its own garage, will be priced from the low $300,000s to the upper $400,000s, she said.
Earlier this week, a reliable source revealed to me the identity of the builder involved in the project: none other than Atlanta mega-builder/developer John Wieland. No word yet if the 2,200 square foot, $300K+ townhomes that were discussed last January are still being pursued, or if market conditions have altered the project.
This community will be a signficiant addition to the Atlanta BeltLine’s Northeast Corridor. The construction of the BeltLine’s Eastside Trail is well underway, as is the first stage of demolition of the artist formerly known as City Hall East. Market momentum in the area is palpable. Inventory is low, especially if you’re looking for new construction in this price point. All good signs.
Is there enough momentum and market confidence to build, finance and sell 66 new construction townhomes?
Only time will tell.