Norcross is preparing for a large number of new apartments to be built at the intersection of Jimmy Carter and Peachtree Industrial boulevards in what city officials are calling a “Gateway Project.”
A 160-unit mixed-use residential development is under construction on the one corner of the intersection that is within Norcross’ limits. The four-story building will be located behind a Racetrac gas station and Zaxby’s restaurant.
FIDES Development and PointOne Holdings are working on the project, which is expected to be a mixed-use live-work community.
“We’re delighted FIDES chose Norcross for this fantastic new development,” said Norcross Mayor Craig Newton. “Over the past four years, we’ve seen close to $900 million in investments in our local community through new development and expansions launched in Norcross.
“We look forward to the creation of this new live-work community strategically placed on the corner of one of our 4 primary gateways into the city as the latest agent to economic prosperity here in Norcross.”
The plans currently call for the residential community’s first apartments to become available in the third quarter of 2023. City officials joined representatives from FIDES Development and PointOne Holdings to break ground on the development last month.
The development is described as a “Class ‘A’ multifamily apartment community” with a “best-in-market amenity set.” It will visible to about 150,000 cars per day due to its location at a heavily traveled interchange.
“With apartment demand in Atlanta’s northern suburbs continuing to outpace other submarkets across the MSA, and supply limited, a highly visible location such as this has strong tailwinds that don’t show signs of stopping,” said Heath Hans of FIDES Development. “We’re thrilled to be partnered with the group of outstanding professionals at PointOne Holdings.”
PointOne Holdings Managing Partner Leo Peicher added, “We’re excited to add this project to our portfolio of multifamily developments, bringing PointOne Holdings to 4,071 units under construction across 14 properties. Located in a highly sought-after submarket, this property will offer residents high-quality living in an open, suburban community.”