Published on March 11th, 2015 |1
Trammell Crow adds 244 apartment project to Pharr Rd. redo
The most recent announcement is that Trammell Crow Residential will redevelop an aging commercial shopping area into a 244-unit apartment project on the south side of Pharr between
Grandview Avenue and Lookout Place. But it is not likely this will be the last.
That is one reason there was skepticism voiced at the March 4 public meeting about the restriping of Pharr Road and plans to reduce through traffic lanes from five total (in both directions) at present to one through lane in each direction with a center dedicated left-turn lane, bike lanes and on-street parking.
Trammell Crow presented its project March 4 to the Development Review Committee of SPI-9 (Special Public Interest District), which includes properties west of Piedmont Road, south and east of Peachtree Road and along Pharr Road.
The 276,000-square-foot redevelopment would wrap around a .64-acre tract on Pharr Road at Lookout Place that is home to the four-story, 30-unit Barcelona Condominiums. The site is currently an existing commercial shopping area.
The site also is diagonally across the street from the former Parkside apartments, which presently are being torn down to make way for the Hanover Company’s 375-unit, six-story apartment complex that will take its place, across Pharr from Frankie Allen Park.
The first of the newer apartment complexes that have been built on Pharr Road is Allure, at the northeast corner of Grandview Avenue and directly across from the proposed Trammell Crow project. Allure, at 360 Pharr Road, has 231 apartment units in six stories, which rent from $1030 to $2,515 per month.
Then in 2013, Elle was built at 235 Pharr Road, across the street from the now open Buckhead Atlanta mixed-use development of retail shops,
restaurants, office space and The Residence at Buckhead Atlanta high-rise apartment towers. Elle has 325 units in a mid-rise complex which rent from $1,408 to $1,702 according to its online posting.
While The Residence at Buckhead Atlanta is not technically on Pharr Road (the address is East Paces Ferry), the Buckhead Atlanta development most certainly has a Pharr Road presence. The two high-rise apartment towers there have 370 units that range in price from $1,691 to $4,000 per month.
Another recently announced apartment complex that is right around the corner from Pharr on East Paces Ferry Road is the Gables development, which will have 327 units in a mid-rise building at the corner of Maple Drive.
It is no surprise that San Diego-based OliverMcMillan has fueled development activity in the Village with the early success of its Buckhead Atlanta project, a six-block, 8-acre redevelopment of the former bar district that existed at the intersection of Pharr and Peachtree roads, extending to East Paces Ferry and to North Fulton Drive on the east.
Many of the properties along the Pharr Road stretch have been rumored on the market for sale over the past few years, first becoming hot commodities when Ben Carter broke ground in 2007 on what was to have been The Streets of Buckhead—now the Buckhead Atlanta development.
At the recent public meeting on the Pharr Road restriping, more than one person brought up other properties that might be ripe for redevelopment—such as the Post Office property and
the property behind and around it near the southeast corner of Pharr and Piedmont roads.
There are also rumors that the current commercial properties on the southwest and northwest corners of Pharr Road and Grandview Avenue may be available on the market, possibly for redevelopment of some sort.
It is interesting that the rendering presented for the Trammel Crow apartment project shows the hint of a multi-story building—with much the same architecture—on the southeast corner of Pharr and Grandview, where presently there is a gas station and convenience store.
Flo Fillingin, who owns a unit in the Barcelona condominiums and is the head of that property’s homeowners association, told BuckheadView she does not understand why Trammell Crow didn’t talk to the Barcelona owners about buying their property instead of building around it.
The Barcelona originally was built as the Pharr East Apartments, but was converted to condos around 2000. Fillingin, who is a real estate agent and licensed real estate appraiser, said she bought a condo there in July of 2000 thinking the property would go commercial.
Fillingin told BuckheadView that of the 30 condo units at Barcelona, 13 people are the original owners—most are absentee owners who use the
units when they are in Atlanta. Only 18 people live there all the time.
Fiollingin said she estimates that the Barcelona property is worth between $3 million to $4 million at present and has been told that the new Trammell Crow development, that will form an L shape around it, should increase the value of the Barcelona Condominiums property.
Architect Daniel Joy, owner of Rule Joy Trammell & Rubio LLC, is designing the new 244-unit Trammell Crow Residential complex and presented the project before the SPI-9 DRC on March 4.
The apartment complex will have two levels of underground parking and can have three curb cuts for the parking because it has frontage on three streets. The property has a significant change in topo, with the lowest area being that along Lookout Place.
The first level of residential—above the two-level parking deck that cuts into the hill—will have fewer apartment units, with the first typical level of apartments being the fourth level, or second above the parking deck. The lobby and leasing office will be on the Grandview Avenue side.
As has become typical with the newer apartment complexes, the number of parking spaces per unit have dropped from 2 to an average of 1.4, based on data that shows that fewer dwellers are owning two autos. The other common way of figuring parking spaces is one per bedroom.
The Trammell Crow property has reduced its parking from 427 spaces to 350 or 1.4 per unit average.
It was announced that Trammell Crow hopes to begin work on the apartment complex in the fourth quarter of this year. Rents on the units would average $1,800 per month and there will not be any workforce housing units involved.