Investment Information: PSREG acquired the former Georgia Tech softball field to develop a luxury urban infill development within Atlantic Station, a premier master planned live/work/play community in the heart of Atlanta.
Overview: STEELWORKS was completed in 2015 and provided residents with top of market amenities including unparalleled access to Atlantic Station, Midtown, and West Midtown. The property is located within Atlantic Station and all 1.3MM SF of retail, 1.4MM SF of office, and 11 acres of public parks in the master planned community are walkable to residents. Perfectly positioned between the Midtown Business District (16.2MM SF of office) and West Midtown, residents can also benefit from proximity to work and the boutique retail and Zagat-rated restaurants of West Midtown.
Strategy: Develop a well-located, walkable community in a prime urban location with cutting-edge amenities and design appealing to Gen Y renters.
The Work: The property was included in the Georgia Brownfield Program, as the entire Atlantic Station area had been previously owned by Atlantic Steel for the production of steel. PSREG assisted in re-zoning this parcel prior to the recession, and maintained a great relationship with the neighborhood to revive the project when the timing was right. Clean-up standards had to be maintained and properly documented for compliance with the Brownfield Program. PSREG worked to develop an innovative, modern, and sleek building from both the exteriors all the way to the unit interiors, but also with a nod to the property’s industrial past.
Results: In partnership with a repeat capital investor group, the property experienced tremendous success by leasing up 4 months faster than projections. Matrix Residential leveraged strong demand in the market with exceptional service standards to grow rents an impressive 8% during the lease-up period. The community sold in June of 2015 and is still currently managed by Matrix Residential.