Kennedy Wilson has formed a partnership with Shimizu Corporation to develop Caldwell, a new luxury multifamily community in Sandy Springs, Georgia. The joint venture is planning a 382-unit rental property on a 6.9-acre site that previously housed a UPS office, with the project representing an approximate $139 million investment.
Kennedy Wilson acquired the former UPS office property in late 2025 and has since moved the project into the active redevelopment phase, beginning demolition this summer. The site, located at 35 Glenlake Parkway NE, is being repositioned from an underused office use into a residential community intended to add new housing supply in the area.
According to Kennedy Wilson’s John McCullough, the strategy centers on converting an underutilized office parcel into a thoughtfully planned residential development to increase the utility of the land and provide additional housing in what he described as one of Metro Atlanta’s most desirable metros. The repositioning reflects a shift away from the legacy office use toward higher-density residential at the infill site.
The planned Caldwell community will consist of a five-story luxury residential building offering 382 rental homes. Residences are expected to average 937 square feet, providing a mix of unit types across the project. The development program also calls for more than 17,500 square feet of indoor and outdoor amenities, supporting the property’s positioning in the upper tier of the local multifamily market.
New South Construction has been engaged as the general contractor for the project, and Dynamik Design will serve as the architect. The development team anticipates welcoming the first residents in 2028, aligning construction and lease-up with the multi-year redevelopment timeline for the former office site.
Located within Metro Atlanta, the Sandy Springs project is positioned in a submarket described in the announcement as one of the region’s most desirable. By transitioning the land from a single-office user to a larger-scale multifamily community, the partners are seeking to align the property with current housing demand trends in the area while adding new rental inventory to the local market.
