Loudermilk Cos. has revised its vision for a 1-acre lot in Buckhead, Atlanta. Three years ago, the developer was planning to build offices at 359 East Paces Ferry Road. This week a permit was filed to construct 314 apartments instead.
In 2015, Loudermilk proposed building a 12-story spec office building on the site and unveiled project renderings in 2019 with plans of breaking ground in 2020 before preleasing began; however, progress on the project was impacted by the pandemic due to high vacancy rates of direct leased office space (23%) as noted by Avison Young’s Q1 2023 Market Report and low multifamily vacancy rates (less than 7%) according to Cushman & Wakefield’s most recent Atlanta multifamily market report – making Buckhead second only to Midtown when it comes average rent per apartment across all markets within Atlanta .
The new development will include 182 one-bedrooms units , 82 two bedrooms units , five three bedroom units and 45 studio apartments .
