Construction Under Way on New High-Rise Apartment Tower Overlooking Piedmont Park
June 29, 2015
Multifamily development trend is strong in Atlanta’s Midtown district
Atlanta, Ga. (June 29, 2015) – Brasfield & Gorrie and Atlantic Realty Partners today announced that construction is under way on Azure on the Park, a new luxury apartment building in Midtown. The 25-story tower will include 329 luxury units overlooking Piedmont Park.
The project includes outdoor amenities, ground-floor retail space, a rooftop pool with park views and a parking deck. The tower and parking deck will comprise approximately 575,000 of the 11.7 million sq ft of multifamily space Brasfield & Gorrie has completed or is constructing in Atlanta, Georgia.
Currently, Brasfield & Gorrie has eight multifamily projects planned or under way in the city of Atlanta. These projects include over 3 million sq ft of space and have a total construction value of approximately $409.2 million.
“After the condo boom in Atlanta in the mid-2000s and the subsequent dip during the Great Recession, we’ve seen a steady increase in high-rise apartment developments with mixed-use components over the last few years,” said Brasfield & Gorrie Regional Vice President and Division Manager Roddy McCrory. “These projects have fueled the local economy, and they don’t seem to be tapering off, perhaps as a result of the city continuing to top the list of moving destinations in the country,” he said.
McCrory leads the company’s multifamily market sector. “As single-family home sales increase over the next several years, we believe the market will see an upswing in condo developments. Currently, the return of condo projects is just beginning with particular developer interest in high-end, luxury residences with extensive amenities,” said McCrory.
Serving as general contractor, Brasfield & Gorrie’s Atlanta office is teaming with developer Atlantic Realty Partners and architect Rafael A. Garcia and Associates Architects, Inc. on this project.
“We are pleased to have Brasfield & Gorrie serve as our general contractor on our second high-rise multifamily project in Atlanta,” said Richard Aaronson, Atlantic Realty Partners’ President. “We have the benefit of being able to have most of the construction team from our near-complete Cyan on Peachtree high-rise in Buckhead work on this new Midtown high-rise.”
Construction for Azure on the Park will be completed in November 2016.
About Brasfield & Gorrie
Founded in 1964, Brasfield & Gorrie is one of the nation’s largest privately held construction firms, providing general contracting, design-build, and construction management services for a wide variety of markets. We are skilled in construction best practices, including virtual design and construction, integrated project delivery, and lean construction, but we are best known for our preconstruction and self-perform expertise and exceptional client service. Brasfield & Gorrie has 11 offices and approximately 2,600 employees. Our 2014 revenues were $2.2 billion. Engineering News-Record ranks Brasfield & Gorrie 27th among the nation’s “Top 400 Contractors” for 2015.
About Atlantic Realty Partners
Atlantic Realty Partners is a private commercial real estate firm based in Atlanta, Georgia with a regional office in Chicago, Illinois. Formed in 1989, the firm has been responsible for the construction of nearly $1 Billion of institutional quality residential and mixed-use projects containing nearly 5,000 residential units since its inception. The firm develops luxury apartment communities in three primary density configurations: suburban garden walk-up, near urban mid-rise, and urban high-rise often with a mixed-use component. The firm is currently building two other multifamily developments in metro Atlanta, the 602-unit Reserve at the Ballpark adjacent to the new Braves SunTrust Park and the 298-unit Reserve at Decatur. In addition, it is currently developing five other projects in the Chicago region.