THE KIRKWOOD/ EDGEWOOD DEVELOPMENT SITE€¦ · TRANSFORMING MEMORIAL DRIVE With more than two dozen projects planned and underway, the Memorial Drive landscape is being reshaped

MEMORIA

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TROLLEY LIN

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THE KIRKWOOD / EDGEWOOD DEVELOPMENT SITE

THE KIRKWOOD/EDGEWOOD

DEVELOPMENT SITE 6.04 ACRES | ATLANTA, GA

Rare Site in Booming Neighborhood with Beltline Connectivity

TOUR DATES

• Available Upon Request

OFFERING PROCESS

Send offers via email to:

MEMORIA

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[email protected]

Adam Blatt, Broker

404-403-5969

[email protected]

2870 Peachtree Road

Suite 516

Atlanta, GA 30305

THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

INVESTMENT SUMMARY

KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

Address 1458 Memorial Drive, Atlanta, GA 30317

County DeKalb County

Site Size Acres 6.04 Acres

Site Size SF 263,102 SF

Number of Parcels 19

Developable Acreage 3.2 Acres

Setbacks 2.84 Acres in Flood Zone

Currently Entitled Approximately 102K SF

INVESTMENT OFFERING

20

TROLLEY LIN

E TRAIL

(PROPOSED)

DECATUR


Mainland Realty is pleased to present the exclusive listing of the approximately 6-acre

Kirkwood/Edgewood development site in eastern Atlanta, DeKalb County, Georgia.

This rare and strategically

situated plot is highly visible along Memorial Drive in the very desirable

Kirkwood/Edgewood neighborhood. The Kirkwood/Edgewood submarket

is a thriving and rapidly expanding residential and entertainment district,

and represents one of Atlanta’s premier urban investment locations.


LOFT BUILDING

Height Max 52 Feet

Allowed Units 12 Units

SF Max 12,000 SF

DUPLEXES

Height Max 35 Feet


SF Max/Unit 2,400 SF

STACKED FLATS

Height Max 52 Feet



COTTAGES

Height Max 28 Feet


SF Max 1,200 SF

TOWNHOMES

Height Max 35 Feet



SINGLE FAMILY

Height Max 35 Feet


SF Max 2,800 SF

DEVELOP THE SITE WITH IN-PLACE ENTITLEMENTS: A MIX OF

SINGLE AND MULTIFAMILY UNITS

• The simplest development option is to develop the site in accordance with the Edgewater site plan shown below.

• This site plan would accommodate the current zoning ordinance with minimal effort required from the developer.

CHANGE THE ZONING FOR A DIFFERENT SINGLE/MULTIFAMILY

DEVELOPMENT

DEVELOPMENT CONTROLS ON CURRENT ZONING

TH1

12 spaces

H D

SF5

C 1

Back of adjacent house

20'-0"

C 2

MEMORIAL DRIVE

WOODBINE AVENUE

CH7

CH8

CH9

CH10

CH11

CH12

CH13

CH14

SF4

SF3

SF2

SF1

TH2

TH3

TH4

TH5

TH6TH7

TH8

TH9

12 UNIT

BUILDING

C C

N

SUGAR

CRE

EK

Proposed Conditions for Edgewater Development:1. The stream, stream bank, buffer strip, and associated greenspaces shall be restored to a native and functional watershed condition and shall be restored following guidelines endorsed by the

State Soil and Water Conservation Commission.

Required buffer restoration shall be completed as part of the Site Development phase, prior to the issuance of individual unit Building Permits.

Ownership of the stream buffer shall be transferred to the Home Owner's Association (HOA) for this project as soon as the HOA becomes effective.

An escrow account shall be maintained by the HOA for the purpose of long term maintenance and upkeep of this stream buffer and path.

2. Fenestration shall be provided for a minimum of 25 percent of the length of rear and side yard facing building façades at the first and second floors.

All muntin bars shall be true divided light or fully laminated to all glazing on the exterior of the glazing.

3. Street lights shall be provided per the MR district zoning conditions.

All lighting including all parking decks and lots and lit canopies shall reduce light spillage onto residentially used properties by providing cutoff luminaries which have a maximum 90 degree

illumination.

All lighting that up-lights trees, buildings or other elements, shall be located a minimum height of eight feet above the sidewalk, driveway or pedestrian area when not located within completely

landscaped areas.

4. Solid fencing or walled enclosures shall obstruct any dumpsters from public view from the street.

5. While the styles of the different houses will vary, the overall level of quality will be consistent and similar across all unit types.

The quality of exterior materials and architectural detailing shall be consistent and similar across all facades of each unit in this development.

6. The use of vinyl siding is prohibited.

No exposed concrete will be permitted at foundations or retaining walls. Any such concrete must be covered by masonry.

7. Bicycle parking shall be provided to meet the MR zoning requirements.

8. All sidewalk paving materials shall be continued across any intervening driveway at the same prevailing grade and cross slope as on the adjacent sidewalk clear zone.

Driveways shall have a band of textured concrete adjacent to the street which is in-line with and equal in width to the street furniture zone and shall have a textured band of concrete adjacent to

the sidewalk which is in-line with the supplemental zone and a minimum width of five feet from the sidewalk.

The main entrance to the project shall have the minimum curb cut width allowed by the Traffic and Transportation Department.

Left turn onto Memorial Drive or into development from Memorial Drive shall be prohibited.

9. Street trees are required and shall be planted in the ground a maximum of 30 feet on center within the street furniture and tree planting zone and spaced equal distance between street lights.

All newly planted trees shall be a minimum of three inches in caliper measured 36 inches above ground, shall be a minimum of 12 feet in height, shall have a minimum mature height of 40 feet, and

shall be limbed up to a minimum height of seven feet. Trees shall have a minimum planting area of 32 square feet. All plantings, planting replacement and planting removal shall be approved by the

city arborist. The area between required plantings shall either be planted with evergreen ground cover such as mondo grass or liriope spicata or shall be paved as approved by the director of

planning.

10. Vaughn Street and Woodbine Ave. shall conform to the MR district streetscape requirements.

The sidewalk along Woodbine Ave. will be built during construction upon aproval of a stream buffer variance submited by the District (5) Five council member.

END OF ZONING CONDITIONS

D 1

PRODUCT TYPES:

COURTYARD HOME - 14

COTTAGE - 5

DUPLEX - 6 (12 UNITS)

TOWN HOUSE - 12

STACK FLAT - 5 (10 UNITS)

LOFT BUILDING - 1 (12 UNITS) KEY

SF - STACKED FLATS

TH - TOWNHOUSE

D - DUPLEX

C - COTTAGE

CH - COURTYARD HOME

C 3C 4

D 2 D 3 D 4 D 5 D 6

CH 1

CH 2

CH 3

CH 4

CH 5

CH 6

LOFT BUIDING - 9222 SF

SF1 - 1741 SF

SF2 - 1725 SF

SF3 - 1712 SF

SF4 - 1697 SF

SF5 - 1681 SF

TH1 - 1666 SF

TH2 - 1651 SF

TH3 - 1628 SF

TH4 - 1554 SF

TH5 - 1516 SF

TH6 - 1546 SF

TH7 - 1310 SF

TH8 - 1305 SF

TH9 - 1302 SF

TH10 - 1125 SF

TH11 - 1125 SF

TH12 - 1125 SF

TH13 - 1125 SF

C1 - 1281 SF

C2 - 1356 SF

C3 - 1425 SF

C4 - 1273 SF

D1 - 5763 SF

D2 - 5141 SF

D3 - 3683 SF

D4 - 5675 SF

D5 - 3692 SF

D6 - 3595 SF

CH1 - 2755 SF

CH2 - 2131 SF

CH3 - 2243 SF

CH4 - 2432 SF

CH5 - 2342 SF

CH6 - 2951 SF

CH7 - 3695 SF

CH8 - 2601 SF

CH9 - 2081 SF

CH10 - 2094 SF

CH11 - 2204 SF

CH12 - 2243 SF

CH13 - 2547 SF

CH14 - 3349 SF

10 20 30 40 50 100 2000

I hearby certify that i am familiar with the Zoning

ordinance of the City of Atlanta, as amended. I

further certify that to the best of my knowledge

and ability, these plans are accurate and comply

with the district and general regulations of the

Zoning Ordinance of the City of Atlanta.

MEMORIAL DRIVE

VAUGHN STREET

WOODBINE AVENUE

MO

RELA

ND

AV

EN

UE

20

' D

RIV

E (

PRIV

ATE)

20

' D

RIV

E (

PRIV

ATE)

PATH

PATH

PATH

5'-0"5'-0"

5'-0"

TO CONFORM TO MR

DISTRICT REQUIREMENTS

VICINITY MAP

D 2

5'-0"

4'-0"

3'-0"3'-0"

TH

1

5'-

0"

5'-

0"

SF5

5'-

0"

5'-

0"

C 3 3'-0"

3'-

0"

3'-0"

3'-

0"

CH93'-0"

3'-0"

TYPICAL SETBACKS BY TYPE

VAUGHN STREET

6' W

OO

D F

EN

CE

S

S

S

S

S

S

S

18"CLAY

24" CLA

Y

24" CL

AY

B

24" CLAY

24" CLA

Y

24" CLA

Y

TH

10TH

11

TH

12TH

13

MA

ILBO

X

75' STREAM BUFFER

DENSITY DESIGNATIONS

SINGLE FAMILY

126,000SF/9,000SF PER UNIT = 14 UNITS

LD-R (LOW DENSITY RES)

LA = 76,138 SF

FAR = .348

ALLOWED FA = 26,496 SF

ACTUAL FA = 26,496 SF

TOSR = .73

ALLOWED TOS = 55,581 SF

ACTUAL TOS = 62,290 SF

UOSR = .45

ALLOWED UOS = 34,262 SF

ACTUAL UOS = 38,978 SF

MD-R (MEDIUM DENSITY RES)

LA = 53,530 SF

FAR = .800



TOSR = .68



UOSR = .4



58% MAY BE SAVED

(2913.7 SF)

VAUGHN STREET (40' R/W)

(F.K.A. MIDDLE STREET)

R/W

WOODBINE AVENUE (100' R/W)

(F.K.A. METROPOLITAN AVE.)

WM

D

Y H

D YH

WMWVWM

WV

WV

Y

INV. EL:932.12

24" R

CP

CREE

K

CREEK

CREEK

D YH

WM

R/W

R/W

R/W

R/W

R/W

TOP:942.34IE(O):932.06

INV. EL:936.46

WOODBINE CIRCLE (40' R/W)

MEMORIAL DRIVE (R/W VARIES)

(F.K.A. FAIR STREET)

100'-5 5/8"

MULTIPLE DEVELOPMENT OPTIONS

• The site plan calls for approximately 102K buildable SF (subject to

current building regulations) , consisting of a variety of improvements; one loft building, fiv e stacked fla ts, 13 town homes, four cottages, six

duplexes, and 13 courtyard homes.

• The developer could modify the site plan while keeping the overalldensity within about 102K SF (subject to current building

regulations)

• Changing the current entitlements would potentially allow the

developer to build up to 33 single family homes at 3,000 SF or 51townhomes at 2,000 SF (subject to current building regulations and

loss of square footage per site plan).

DEVELOP A COMBINATION OF SINGLE/MULTIFAMILY TO RENT

• The third option would be to develop (potentially in phases or to sell

individule fee simple units as rentals), as a preferential combination of the

two other options, with the end goal of renting the approximately

102K SF (subject to current building regulations)of newly developed product.

• This option would allow the developer to either use the in-place entitlements or change the zoning.


“After our success with Krog Street Market, we purchased the Atlanta Dairies property in

December of 2014 and looked to spearhead another urban renewal project that focused more on live music and entertainment.”

- David Cochran, Paces Properties

PLANNED AND UNDERWAY: HIGH-PROFILE PROJECTS TRANSFORMING MEMORIAL DRIVE

With more than two dozen projects planned and underway, the

Memorial Drive landscape is being reshaped. The corridor is

expected to experience a revitalization of transformative scale

similar to Atlanta’s Old Fourth Ward.

MEMORIAL DRIVE’S EXTREME MAKEOVER: ATLANTA’S NEXT

OLD FOURTH WARD

• Old Fourth Ward (O4W), Atlanta’s oldest neighborhood, commanded $1.20 PSF rents just four years ago.

• Today, O4W’s ever-increasing rents are $2+ PSF, catapulted by the entrance of Ponce City Market, and the Atlanta BeltLine. Inman Park experienced equal success with the entrance of Krog Street Market.

• Just southwest of O4W and Inman Park, Memorial Drive is exhibiting the early stages of a similar transformation story, rapidly emerging as Atlanta’s hottest new development district.

MEMORIAL DRIVE CORRIDOR MAJOR PROJECTS

Atlanta Dairies >> Mixed-Use City Center Modeled After Krog Street Market

• Paces Properties to redevelop former dairy co-op into a multi-use city center modeled after Krog Street Market, budgeted at $125M

- ATLA

NTA

BELTLIN

E -

- ATLANTA B

ELTLINE -

Leggett and Platt >> Multi-Use Complex

• BeltLine-adjacent, 17.5-acre site to include: 607 units, Sprouts Organic Grocer, CineBistro movie theater, tech offices, and restaurants

Habitat for Humanity HQ >> Larkin on Memorial Multi-Use

• $18M redevelopment with 63K SF of retail space; restaurants will include Taqueria del Sol and Ramen Station

High School Site >> WonderRoot Arts Center

• Local Reynoldstown arts organization will move across Memorial into a building 14 times larger than its current home

• It will include 45 art studios, performance space, recording studio, and a restaurant

Connector Renovation & Linear Park

• Civic planners want to pour a concrete slab over the interstate and top it with grass; the $125M project also includes plans for a linear park

Glenwood Place

• 175K SF of retail anchored by a 118K SF Kroger, and includes Starbucks, Chipotle, and Chick-fil-A

OFW’S PONCE CITY MARKET TRANSFORMATION

Before - 2011 After - 2014

EAST ATLANTA’S CHANGING LANDSCAPE


INVESTMENT SUMMARY

1. Ponce City Market

• 2M SF adaptive reuse project

• Historic Sears & Roebuck building redeveloped into mixed use with retail, office, and residential

• In 2014, Travel + Leisure ranked Ponce City Market as one of the “The World’s

Coolest New Tourist Attractions”

2. Inman Quarter

• $45M mixed-use project

• 39K SF retail

• Includes Ford Fry, Bartaco, MF Sushi

3. Krog Street Market

• Redeveloped warehouse from 1920’s

• 30K SF

• Delivered late 2014

• Specialty market (retail/restaurants)

4. Edgewood Retail

• 550K SF

• Target, Home Depot, Best Buy, Kroger, Bed, Bath & Beyond, Ross, Barnes &

Noble, and Office Depot

5. Memorial Dr. Restaurant Cluster

• Six Feet Under, Tin Lizzy’s, Octane, Doc Chey’s

6. Atlanta Dairies Redevelopment

• Set to deliver late 2017

• $125M redevelopment

• 125K SF mixed use

• 300 multifamily units

• Specialty retail/restaurants including Thrive Farmers Coffee

7. Glenwood Place

• 175K SF retail

• Anchored by 118K SF Kroger

• Starbucks, Chipotle, and Chick-fil-A

8. Glenwood park

• 28-acre site

• Over 194 households

• Over 17 unique businesses retail/office

• The Shed, Gunshow, Vickery’s

Restaurants

9. East Atlanta Village

• Cluster of bars and restaurants

10. MODA R-Town

• Multifamily project under construction

• 46 townhomes

• 20 flats

11. 841 Memorial

• $11M multifamily

• 75 luxury units

12. Leggett and Platt Site

• 17.5-acre site

• $300M development

• CineBistro movie theater

• Sprouts Organic Grocer

13. King Memorial MARTA Station &

TOD at King MARTA Station

• $60M proposed development


• Expected to begin construction in 2017

14. Fairfield Residential Dev.

• Under construction set to deliver the first quarter of 2018


15. The Spoke

• $40M multifamily under construction


• Will include retail, restaurants, and a

performing arts center

16. Station R Atlanta


• Delivered late 2016

• 16K SF retail

17. Apartments to be Redeveloped

• Sold in 2016

• 112 Units

18. Atlantic Shopping Center

• Proposed adaptive reuse of 110K SF retail by Paces Properties

19. Larkin On Memorial

• $18M mixed use redevelopment

• 63K SF retail

• Restaurants include Taqueria del Sol &

Ramen Station

20. Little Five Points

• Shopping/restaurant district

• Ranked #16 of America’s Best Hipster Neighborhoods by Forbes Magazine

• Vortex Burgers, The Porter Beer Bar, Savage Pizza, Tijuana Garage Taqueria & Cantina

Ponce City MarketThe Spoke

Krog Street MarketAtlanta Dairies Redevelopment

TRUE URBAN INVESTMENT CORRIDOR


85

154

260

78

BELTINE EASTSIDE TRAIL

CURRENT TRAIL

UNDER CONSTRUCTION

PLANNED

UP TO $600K+

SINGLE FAMILY

HOME VALUES

UP TO $1M+

SINGLE FAMILY

HOME VALUES

UP TO $700K+

SINGLE FAMILY

HOME VALUES

MIDTOWN

(100K JOBS)

DOWNTOWN

(85K JOBS)

DOWNTOWN

DECATUR

I N M A N P A R K

O A K L A N D C E M E T E R Y

G R A N T P A R K

K I R K W O O DR E Y N O L D S T O W N

G L E N W O O D P A R K

C A N D L E R P A R K

E A S T A T L A N T A

E D G E W O O D

E A S T L A K E

1

9

175

13

3

1119

7

15

2

10

18

6

14

4

12

20

8

16

TROLLEY LINE TRAIL

CURRENT TRAIL

PLANNED

UP TO $515K+

SINGLE FAMILY

HOME VALUES

THE KIRKWOOD / EDGDEWOOD DEVELOPMENT SITE


INVESTMENT SUMMARY

EAST ATLANTA’S NEIGHBORHOOD RENT TRENDS

EMBEDDED AMONG HIGH-RENT NEIGHBORHOODS

East Atlanta’s close-in location is sandwiched between downtown

Atlanta and the City of Decatur, encompassing popular and historic,

high-value single-family neighborhoods including Grant Park

($350K-600K), Inman Park ($500-1M+), and Old Fourth Ward

($400K-1M+).

Homes in these neighborhoods have traditionally been at the upper end

of Atlanta’s housing prices. In addition, the past decade has seen infill

development of higher end “cluster-style” homes such as Glenwood Park

($400K+ townhomes), and new upscale apartment projects driven by an

influx of urban-living seeking millennials.

¢ Mainstream, highest rents

¢ Trendy, rapidly rising rents

¢ Up-and-coming, next to grow rents

¢ Primarily single-family homes

¢ Not East Atlanta

DOWNTOWN

GRANT PARK

CANDLER PARK

EDGEWOOD

KIRKWOOD

PONCEY-

HIGHLAND

MIDTOWN

1

2 3

OLD FOURTH WARD

VIRGINIA- HIGHLANDS

INMAN PARK

EAST ATLANTA VILLAGE

GLENWOOD

ORMEWOOD

2. CABBAGETOWN 3. REYNOLDSTOWN1. SWEET AUBURN

Memorial Drive

75/85

Atlanta BeltLine / Historic Fourth Ward Park

Grant Park

Inman Park

Inman Park

Glenwood

MEMORIAL DRIVE HOME VALUES BOOM


$40,000

$90,000

$140,000

$190,000

$240,000

$290,000

$340,000

$390,000

2012 2014 2016

Med

ian

Ho

me P

rices

Kirkwood Edgewood East Atlanta Reyndolstown

Reynoldstown

Edgewood

Kirkwood

East Atlanta

MEMORIAL DRIVE HOME PRICES TAKING OFF

East Atlanta’s close-in location is sandwiched between downtown Atlanta and the city of Decatur, encompassing popular and historic, high-

value single-family neighborhoods including Grant Park ($350K-600K), Inman Park ($500-1M+), and Old Fourth Ward ($400K-1M+).

143%Price Increase since 2012




KIRKWOOD EDGEWOOD EAST ATLANTA REYNOLDSTOWN

*Source: Trulia

GROWTH IN HOME PRICING

Homes in these neighborhoods have traditionally been at the upper end

of Atlanta’s housing prices. In addition, the past decade has seen infill

development of higher end “cluster-style” homes such as Glenwood Park

($400K+ townhomes), and new upscale apartment projects driven by an

influx of urban-living seeking millennials.


“The BeltLine focused on mobility of people in a way that’s different — mass transit serving multiple needs versus singular transit with automobiles.”

- Catherine Ross, Center for Quality Growth and Regional Development, Georgia Tech

10.4%Class A Rent Growth Y-o-Y

(in East Atlanta submarket following opening of BeltLine)

ATLANTA BELTLINE — REVITALIZED PATHWAYS

The BeltLine’s Eastside Trail, the most popular stretch along its 22-mile route,

is a social and recreational magnet that has cultivated development projects in

surrounding neighborhoods. With $1B+ invested since 2005, the BeltLine’s dynamic

echoing effect will sustain growth for decades.

REMAINDER OF BELTLINE EASTSIDE TRAIL APPROVED FOR CONSTRUCTION

Construction is underway to extend the BeltLine’s Eastside Trail from Krog Street Market

to Kirkwood Avenue by Summer 2017; and planning is underway to extend the trail south

of Memorial Drive. A key indicator of the expansions’ success: Class A rents in East Atlanta

grew 10.4% year-over-year 2013-2014 immediately following the BeltLine’s opening.

IMMEDIATELY ADJACENT TROLLEY LINE TRAIL

• Planning is currently underway to extend the Trolley Line Trail East and connect it to Eastside BeltLine Trail

• When completed, the Trolley Line Trail will run adjacent to the site on Woodbine Avenue, connecting the site directly to the BeltLine

• Redevelopment of Kirkwood streetcar route

• Seven Miles of the Trolley Line Trail is currently built to the east of the site

Beltline’s Eastside Trail

Trolley Line Trail Extensioon

PREMIER EASTSIDE CONNECTIVITY


INVESTMENT SUMMARY

$1,

30

7

$1,

314

$1,

32

2

$1,

34

1

$1,

40

8

$1,

475

$1,

54

9

$1,

63

5

$1,

627

$1,

65

1

$1,

66

8

$1,

73

5

$1,

74

4

$1,

70

1

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

Avera

ge E

ffecti

ve R

en

t

EAST ATLANTA’S RENT GROWTH SURGE

While rents throughout metro Atlanta have increased, those in

East Atlanta have especially experienced gains due to the area’s

increasing popularity. This growth is particularly evident when

compared to rent growth in Atlanta’s Class A submarkets of

Buckhead, Midtown, and Perimeter Center.

Since 2013’s entrance of the BeltLine, East Atlanta has exploded in demand,

catapulting rents to new heights and making way for Class A development

unseen in the area prior to the BeltLine.

34.0%31.0% 30.0%

4.1%

0%

10%

20%

30%

40%

3-Mile radius Buckhead Midtown Perimeter Center

3-Y

ear

Ren

t G

row

th

34%Rent growth

since 2013

THREE-MILE RADIUS CLASS A RENT GROWTH

ATLANTA SUBMARKET CLASS A RENT GROWTH Q1 2013 - Q4 2016

NEW DEVELOPMENT ADDING VALUE

Within just one-mile of the site, new single family homes have sold

for up to $825K, new townhomes have sold for up to $764K, and

undeveloped land has sold for up to $1.63M per acre.

The market for residential housing will continue to improve as new

development reaches completion. The extension of the Trolley Line Trail

will also add a new element of connectivity to the area.

NEARBY HOMES SELLING FOR OVER $750K IN 2016

$1.2M Average price per

acre of comparable

land sales

$1.59 Average effective rent per

SF on new multifamily

sites on Memorial Drive

EAST ATLANTA’S APARTMENT MARKET FAVORABLE COMPARABLE SALES


INVESTMENT SUMMARY

MORELAND AVENUE

DEKALB AVENUE’S MARTA RAIL LINE

20

MEMORIAL DRIVE

TROLLEY LINE TRAIL

TROLLEY LINE TRAIL (PROPOSED)

RETAIL

POINTS OF INTEREST

2.5 MILES FROM PROPERTY


DOWNTOWN ATLANTA

100K+ JOBS

MIDTOWN ATLANTA

100K+ JOBS

KIRKWOOD$420K-$950K HOME PRICES

EDGEWOOD RETAIL DISTRICT

41 BOUTIQUE & SPECIALTY SHOPS

AND MIXED-USE DEVELOPMENT:

TARGET, HOME DEPOT, OFFICE

DEPOT, BARNES & NOBLE, LOWES,

BED, BATH & BEYOND

PONCE CITY MARKET

2.1M SF MIXED-USE

DEVELOPMENT OF RETAIL,

RESTAURANTS, OFFICE AND

RESIDENTIAL

WALKER PARK

ATLANTIC SHOPPING

CENTER TO BE

REDEVLOPED BY

PACES PROPERTIES

LITTLE FIVE

POINTS


RIA

L D

RIV

E

20

PROPERTY SUMMARY

AVAILABLE LAND SITE

City Atlanta, GA

County DeKalb County

Parcel ID 19 Parcels Totaling 6.04 Acres

Site Acreage 6.04 Acres

Future Land Use

15 Parcels for Medium-Density Residential (4.7 Acres)

One Parcel for Single-Family Residential (0.4 Acres)

One Parcel for Low-Density Commercial (0.2 Acres)

Two Parcels for High-Density Residential (0.3 Acres)

Current Use Undeveloped Land

Zoning18 Parcels - PD-H (5.61 Acres)

One Parcel - R-4A (0.43 Acres)

Address 1458 Memorial Drive, Atlanta, GA 30317

INVESTMENT SUMMARY


PROPERTY DESCRIPTION

PARCEL DETAIL

PARCEL # SF ACRES ZONING

15-208-02-134 9,171 0.21 PD-H

15-208-02-133 13,559 0.32 PD-H

15-208-02-132 19,392 0.43 PD-H

15-208-02-124 7,883 0.21 PD-H

15-208-02-125 7,883 0.21 PD-H

15-208-02-126 8,198 0.21 PD-H

15-208-02-127 22,827 0.54 PD-H

15-208-02-128 24,078 0.54 PD-H

15-208-02-129 25,329 0.54 PD-H

15-208-02-130 27,205 0.64 PD-H

15-208-02-131 8,764 0.21 PD-H

15-207-03-172 20,145 0.43 PD-H

15-207-03-054 19,130 0.43 R-4A

15-207-03-055 10,358 0.18 PD-H

15-207-03-165 7,648 0.18 PD-H

15-208-02-142 7,883 0.18 PD-H

15-208-02-143 7,883 0.18 PD-H

15-208-02-171 7,883 0.18 PD-H

15-208-02-170 7,883 0.18 PD-H

TOTAL 263,102 6.04

*The unimproved right of way has been abandoned by the city and is included in the investment offerring


NOT RELEASED FOR CONSTRUCTION

TH1

12 spaces

H D

SF5

C 1

Back of adjacent house

20'-0"

C 2

MEMORIAL DRIVE

WOODBINE AVENUE

CH7

CH8

CH9

CH10

CH11

CH12

CH13

CH14

SF4

SF3

SF2

SF1

TH2

TH3

TH4

TH5

TH6TH7

TH8

TH9

12 UNIT

BUILDING

C C

N

SUGAR

CRE

EK

Proposed Conditions for Edgewater Development:1. The stream, stream bank, buffer strip, and associated greenspaces shall be restored to a native and functional watershed condition and shall be restored following guidelines endorsed by the

State Soil and Water Conservation Commission.

Required buffer restoration shall be completed as part of the Site Development phase, prior to the issuance of individual unit Building Permits.

Ownership of the stream buffer shall be transferred to the Home Owner's Association (HOA) for this project as soon as the HOA becomes effective.

An escrow account shall be maintained by the HOA for the purpose of long term maintenance and upkeep of this stream buffer and path.

2. Fenestration shall be provided for a minimum of 25 percent of the length of rear and side yard facing building façades at the first and second floors.

All muntin bars shall be true divided light or fully laminated to all glazing on the exterior of the glazing.

3. Street lights shall be provided per the MR district zoning conditions.

All lighting including all parking decks and lots and lit canopies shall reduce light spillage onto residentially used properties by providing cutoff luminaries which have a maximum 90 degree

illumination.

All lighting that up-lights trees, buildings or other elements, shall be located a minimum height of eight feet above the sidewalk, driveway or pedestrian area when not located within completely

landscaped areas.

4. Solid fencing or walled enclosures shall obstruct any dumpsters from public view from the street.

5. While the styles of the different houses will vary, the overall level of quality will be consistent and similar across all unit types.

The quality of exterior materials and architectural detailing shall be consistent and similar across all facades of each unit in this development.

6. The use of vinyl siding is prohibited.

No exposed concrete will be permitted at foundations or retaining walls. Any such concrete must be covered by masonry.

7. Bicycle parking shall be provided to meet the MR zoning requirements.

8. All sidewalk paving materials shall be continued across any intervening driveway at the same prevailing grade and cross slope as on the adjacent sidewalk clear zone.

Driveways shall have a band of textured concrete adjacent to the street which is in-line with and equal in width to the street furniture zone and shall have a textured band of concrete adjacent to

the sidewalk which is in-line with the supplemental zone and a minimum width of five feet from the sidewalk.

The main entrance to the project shall have the minimum curb cut width allowed by the Traffic and Transportation Department.

Left turn onto Memorial Drive or into development from Memorial Drive shall be prohibited.

9. Street trees are required and shall be planted in the ground a maximum of 30 feet on center within the street furniture and tree planting zone and spaced equal distance between street lights.

All newly planted trees shall be a minimum of three inches in caliper measured 36 inches above ground, shall be a minimum of 12 feet in height, shall have a minimum mature height of 40 feet, and

shall be limbed up to a minimum height of seven feet. Trees shall have a minimum planting area of 32 square feet. All plantings, planting replacement and planting removal shall be approved by the

city arborist. The area between required plantings shall either be planted with evergreen ground cover such as mondo grass or liriope spicata or shall be paved as approved by the director of

planning.

10. Vaughn Street and Woodbine Ave. shall conform to the MR district streetscape requirements.

The sidewalk along Woodbine Ave. will be built during construction upon aproval of a stream buffer variance submited by the District (5) Five council member.

END OF ZONING CONDITIONS

D 1

PRODUCT TYPES:

COURTYARD HOME - 14

COTTAGE - 5

DUPLEX - 6 (12 UNITS)

TOWN HOUSE - 12

STACK FLAT - 5 (10 UNITS)

LOFT BUILDING - 1 (12 UNITS) KEY

SF - STACKED FLATS

TH - TOWNHOUSE

D - DUPLEX

C - COTTAGE

CH - COURTYARD HOME

C 3C 4

D 2 D 3 D 4 D 5 D 6

CH 1

CH 2

CH 3

CH 4

CH 5

CH 6

LOFT BUIDING - 9222 SF

SF1 - 1741 SF

SF2 - 1725 SF

SF3 - 1712 SF

SF4 - 1697 SF

SF5 - 1681 SF

TH1 - 1666 SF

TH2 - 1651 SF

TH3 - 1628 SF

TH4 - 1554 SF

TH5 - 1516 SF

TH6 - 1546 SF

TH7 - 1310 SF

TH8 - 1305 SF

TH9 - 1302 SF

TH10 - 1125 SF

TH11 - 1125 SF

TH12 - 1125 SF

TH13 - 1125 SF

C1 - 1281 SF

C2 - 1356 SF

C3 - 1425 SF

C4 - 1273 SF

D1 - 5763 SF

D2 - 5141 SF

D3 - 3683 SF

D4 - 5675 SF

D5 - 3692 SF

D6 - 3595 SF

CH1 - 2755 SF

CH2 - 2131 SF

CH3 - 2243 SF

CH4 - 2432 SF

CH5 - 2342 SF

CH6 - 2951 SF

CH7 - 3695 SF

CH8 - 2601 SF

CH9 - 2081 SF

CH10 - 2094 SF

CH11 - 2204 SF

CH12 - 2243 SF

CH13 - 2547 SF

CH14 - 3349 SF

10 20 30 40 50 100 2000

I hearby certify that i am familiar with the Zoning

ordinance of the City of Atlanta, as amended. I

further certify that to the best of my knowledge

and ability, these plans are accurate and comply

with the district and general regulations of the

Zoning Ordinance of the City of Atlanta.

MEMORIAL DRIVE

VAUGHN STREET

WOODBINE AVENUE

MO

RELA

ND

AV

EN

UE

20

' D

RIV

E (

PRIV

ATE)

20

' D

RIV

E (

PRIV

ATE)

PATH

PATH

PATH

5'-0"5'-0"

5'-0"

TO CONFORM TO MR

DISTRICT REQUIREMENTS

VICINITY MAP

D 2

5'-0"

4'-0"

3'-0"3'-0"

TH

1

5'-

0"

5'-

0"

SF5

5'-

0"

5'-

0"

C 3 3'-0"

3'-

0"

3'-0"

3'-

0"

CH93'-0"

3'-0"

TYPICAL SETBACKS BY TYPE

VAUGHN STREET

6' W

OO

D F

EN

CE

S

S

S

S

S

S

S

18"CLAY

24" CLA

Y

24" CL

AY

B

24" CLAY

24" CLA

Y

24" CLA

Y

TH

10TH

11

TH

12TH

13

MA

ILBO

X

75' STREAM BUFFER

DENSITY DESIGNATIONS

SINGLE FAMILY

126,000SF/9,000SF PER UNIT = 14 UNITS

LD-R (LOW DENSITY RES)

LA = 76,138 SF

FAR = .348



TOSR = .73



UOSR = .45



MD-R (MEDIUM DENSITY RES)

LA = 53,530 SF

FAR = .800



TOSR = .68



UOSR = .4



58% MAY BE SAVED

(2913.7 SF)

VAUGHN STREET (40' R/W)

(F.K.A. MIDDLE STREET)

CBTOP:943.35

LL LL

R/W

WOODBINE AVENUE (100' R/W)

(F.K.A. METROPOLITAN AVE.)

WM

WM

D

Y H

D YH

WMWVWM

WV

WV

CLAY

18" C

LA

Y

INV. EL:932.12

24" R

CP

24" R

CP

CREE

K

CREEK

CREEK

D YH

WM

R/W

R/W

R/W

R/W

R/W

DITOP:942.34

DITOP:942.26IE(O):932.06

CBTOP:942.26IE(O):932.06

INV. EL:936.46

IE(O):934.32DI

TOP:942.71

CBTOP:943.38IE(O):934.32

WOODBINE CIRCLE (40' R/W)

MEMORIAL DRIVE (R/W VARIES)

(F.K.A. FAIR STREET)

100'-5 5/8"

PROPOSED SITE PLAN

IMPROVEMENT BUILDABLE SF UNITS

Loft Building 9,222 12

Stack Flat 1 1,741 2





Town House 1 1,666 1













Cottage 1 1,281 1

Cottage 2 1,356 1

Cottage 3 1,425 1

Cottage 4 1,273 1

Duplex 1 5,763 2

Duplex 2 5,141 2

Duplex 3 3,683 2

Duplex 4 5,675 2

Duplex 5 3,692 2

Duplex 6 3,595 2

Courtyard Home 1 2,755 1













TOTAL 101,966 64

INVESTMENT SUMMARY


LOCATION OVERVIEW

RAPID POPULATION GROWTH CONTINUES

Long reputed for its rapid growth, the 10-county Atlanta regional population reached 4,401,800 in 2016, up from 4,332,600 in 2015 and

representing the largest single-year increase since 2007-2008.

The region has added an average of 71,000 new residents annually since 1990. Gwinnett County led the past year’s growth with 17,300 new residents. The city

of Atlanta, too, has experienced impressive growth. Fueled by a boom in multifamily housing, the city added 7,900 new residents between 2015 and 2016, its

largest single-year increase since 2007-2008.

INFRASTRUCTURE IMPROVEMENTS

METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY (MARTA)

Atlanta’s rapid economic and population growth has generated

investments in infrastructure. Three proposed MARTA expansion projects

— Clifton Corridor, I-20 East, and GA 400 — could infuse $5.2B into the

region’s overall economy. The transit expansions may also equate to

45,000 new jobs and $116M in additional annual wages by 2040.

THE ATLANTA BELTLINE

The Atlanta BeltLine is the most comprehensive revitalization effort ever

undertaken in the city of Atlanta and among the largest, most wide-

ranging urban redevelopment and mobility projects currently underway

in the United States. This sustainable project is linking a network of public

parks, multi-use trails and transit by reusing 22 miles of historic railroad

corridors encircling downtown and interconnecting 45 neighborhoods.

The BeltLine will add light rail transit that will connect with MARTA and

the new Peachtree Streetcar. New multi-use trails will follow the 22-mile

transit loop, and 11 miles of additional trails will extend into surrounding

neighborhoods.

Conceived by a Georgia Tech graduate student, the BeltLine is creating

a new framework for sustainable growth in the region and revitalizing

under-performing areas of the city. The BeltLine has already significantly

increased values of real estate parcels along its path.

INVESTMENT SUMMARY


LOCATION OVERVIEW

EAST ATLANTA: ON THE PATH OF PROGRESS

Urban Atlanta’s revitalization reflects clearly in East Atlanta, the downtown area immediately east of the city’s business district along the

north and south sides of I-20. This central location, along the Atlanta BeltLine, is proximate to Hartsfield-Jackson Atlanta International

Airport and surrounding neighborhoods: Inman Park, Castleberry Hills, East Lake, Oakhurt, and Reynoldstown, among others.

golf course has hosted many golf tournaments, including the 1950 U.S.

Women’s Amateur, 1963 Ryder Cup and 2001 U.S. Men’s Amateur, and is

now the permanent home of the TOUR Championship by Coca-Cola, the

culminating event of the PGA TOUR Playoffs for the FedEx Cup.

EAST ATLANTA VILLAGE

The Washington Post calls East Atlanta Village the “best kept secret in

Atlanta,” only this eclectic community’s rising popularity is no longer a

secret.

Filled with a varied blend of boutique shops, quaint residential streets,

exceptional restaurants and lively entertainment venues, East Atlanta

Village epitomizes diversity and exudes neighborhood charm. The family-

friendly district’s uncongested roads allow easy connection to Grant Park,

Zoo Atlanta, and East Lake YMCA, as well as to the numerous attractions

in and around downtown Atlanta.

Following decades of focused reinvestment that continues today, East

Atlanta has been attracting trend-setting urban pioneers since the 1970s

and now appeals to the masses, particularly Atlanta’s young professionals.

The historically-rich area has become a booming residential and

entertainment district often compared to New York’s Greenwich Village.

Referred to by Creative Loafing as “the epitome of cool,” The New York

Times hails East Atlanta as a hip destination “reaching the crest in what has

been a steadily rising wave of cool.”

East Atlanta’s ongoing developed is further sustained by the Atlanta

BeltLine and subsequent streetcar project, which will attract yet more

visitors and residents to the area.

EAST LAKE GOLF CLUB

East Lake Golf Club, the oldest golf course in the city of Atlanta, is the

home course of legendary golfer Bobby Jones. Over the years, the

EAST LAKE GOLF CLUB


THRIVING DEVELOPMENT CREATES NEW URBANISM

FUQUA DEVELOPMENT

Veteran developer Jeff Fuqua intends to build a new retail development

near Glenwood Park in East Atlanta. The project, just south of I-20 and

west of Bill Kennedy Way, will resemble Fuqua’s Edgewood Retail District

and feature 200,000 SF of retail with a 144,000 SF anchor, expected to

be Walmart. The 10-acre property is ideally situated along the BeltLine’s

proposed streetcar line — the parcel’s eastern edge abuts the BeltLine’s

22-mile greenspace, parks and trail loops — and will include additional

inline retail as well as two outparcel pads.


Edgewood Retail District, located approximately two miles from downtown

Atlanta, is a 531,287 SF mixed-use development anchored by Lowe’s Home

Improvement, Target, and Kroger. The district is comprised of large format

retailers, restaurants, street-level small shops, second–floor retail/office

space, as well as residential condominiums.

GLENWOOD PARK

The first master-planned development in East Atlanta, Glenwood Park

features single-family homes, townhouses, condominium residences, retail

shops and office space. Glenwood Park’s founding principles emphasize

walkability, community, and environmental awareness. The development’s

versatile streetscapes were patterned after the dynamic shopping streets

in Athens, GA, intimate residential streets in Charleston, SC and New York

City’s classic café-lined sidewalks.

THE PRESERVE EAST ATLANTA

The Preserve, just off Flat Shoals Road and Brannen Road, is the area’s

first “Conservation-Zoned” neighborhood, and features sidewalk- and

streetlight-lined cul-de-sac streets with no cut-through traffic. Four

access points throughout the development lead to more than 18-acres of

greenspace. The Preserve’s location gives residents convenient access

to the array of local recreational facilities, shopping, dining, and business

districts in East Atlanta Village, Oakhurst Village, the new Edgewood Retail

District, and Decatur Square.


GLENWOOD PARK


1 6 7

2

4

9

3

8

5

RENT COMPARABLES- NEW CONSTRUCTION APARTMENTS

PROPERTY # UNITS YEAR BUILT AVG. SF EFF. RENT* EFF. RENT/SF

Kirkwood/Edgewood Development Site N/A N/A N/A N/A N/A N/A

1

2 2016

3 2016

4 Station R 295 2016 $1,719

5

6

7 Alexan EAV 120 2016

8 Glenwood East 236 2008

9 266

TOTAL / AVG 898 $1,416

212 2018

BEDROOMS

985 $1,9052

1175 $1,775120 2

176 1 700 $1,099

1 825

Inman Quarter 200 2014 2 1228 $2,600

Post Centennial 474 2018 1 650 $1,900

2 1150 $1,995

2 1215 $1,838

The Kirkwood 2018 1 832 $1,475 $1.77

Spoke Luxury Apartments

Alexan EAV

The Element

$1.93

$1.51

$1.57

$2.08

$2.12

$2.92

$1.73

$1.51

$1.901.52017233

Seth Bernstein

Seth Bernstein

1

Seth Bernstein

Seth Bernstein

Seth Bernstein

2

Seth Bernstein

7

Seth Bernstein

Seth Bernstein

Seth Bernstein

3

Seth Bernstein

Seth Bernstein

4

Seth Bernstein

Seth Bernstein

5

Seth Bernstein

Seth Bernstein

6

Seth Bernstein

Seth Bernstein

8

Seth Bernstein

Seth Bernstein

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INVESTMENT SUMMARY


COMPARABLE SECTION

1

911

2

4

3

8

5

RECENTLY SOLD SINGLE FAMILY HOMES

PROPERTY BEDS/BATHS YEAR BUILT SQUARE FOOTAGE SALE DATE SALE PRICE PRICE PER SF

Kirkwood/Edgewood Dev. Site N/A N/A N/A N/A N/A N/A

1

2

3

4

5

6

7 $260

8

9 4/3

10 4/3

11

TOTAL / AVG 4/3 N/A

7

87 Kenyon Street 2018 2,738 4/27/2018 $750,000 $274

1

10

2017214 Locust Street 4/4 2,850 2/23/2018 $660,000 $232

4/3

1984 Dunwoody St 4/3.5 2008 2,704 4/20/2017 $645,000 $239

1635 Stanwood Avenue 4/3

4/3.5

2016 2,926 4/04/2017 $640,000 $219

1393 Newton Avenue 4/4.5 2017 2,550 12/15/2017 $635,000 $249

56 Whitefoord Avenue 4/3 2017 2,414 4/17/2018 $627,500

175 Mellrich Avenue 4/4 2018 2,867 5/22/2018 $756,900 $264

226 SE Holtzclaw Street 2017 2,235 12/28/2017 $600,000 $269

2266 Sutton Street SE 2017 2972 5/1/2018 $740,000 $249

1934 Bixby Street SE 4/3 2018 2927 5/25/2018 $690,000 $236

2017 2,788 $681,190 $249

2870 Alexa Avenue SE 2018 2,840 6/04/2018 $639,000 $225

Seth Bernstein

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3

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4

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5

Seth Bernstein

Seth Bernstein

6

Seth Bernstein

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Seth Bernstein

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Seth Bernstein

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9

6

7

2

4

3

8

5

RECENTLY SOLD LAND

PROPERTY PRICE PER ACRE SALE DATE SALE PRICE LAND SIZE (ACRES)

Kirkwood/Edgewood Dev. Site TBD TBD TBD 5.75

1 1119 Memorial Dr SE $706,110 9/30/2016 $1,425,000 2.02

2 860 Glenwood Ave $1,293,103 7/24/2015 $3,000,000 2.32

3 842 Berne St $1,500,000 10/14/2016 $4,500,000 3.00

4 1150 Wade St $1,625,202 10/2/2014 $7,280,903 4.48

5

6

7 375 Gartrell St $1,449,417 10/6/2016 $4,319,264 2.98

8

9

TOTAL / AVG N/A

1

385 Grant Circle SE $6,900,000 5.83$1,183,533

750 SE Kalb Street 7/17/2017 3.98$1,281,407

777 Memorial Drive 7/5/2017 $8,750,000 9.17$954,198

3/6/2018

515 North Ave NE 11/14/2017 $2,925,000 6.00$487,500

4.42$4,911,129

$5,100,000

$1,164,497

Seth Bernstein

Seth Bernstein

Seth Bernstein

1

Seth Bernstein

Seth Bernstein

2

Seth Bernstein

Seth Bernstein

3

Seth Bernstein

Seth Bernstein

4

Seth Bernstein

Seth Bernstein

5

Seth Bernstein

Seth Bernstein

6

Seth Bernstein

Seth Bernstein

7

Seth Bernstein

Seth Bernstein

8

Seth Bernstein

Seth Bernstein

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INVESTMENT SUMMARY


COMPARABLE SECTION

1

6

7

2

4

38

5

RECENTLY SOLD TOWNHOMES

PROPERTY BEDS/BATHS YEAR BUILT SQUARE FOOTAGE SALE DATE SALE PRICE PRICE PER SF

Kirkwood/Edgewood Dev. Site N/A N/A N/A N/A N/A N/A

1

2

3 2006

4

5

6

7 3/3.5

8

TOTAL / AVG N/A

201 Wilbur Avenue 3/2.5 2017 2,650 10/27/2017 $720,000

492 Brasfield Square 4/4.5 2,460 5/24/2018 $650,000

986 Mauldin Street 3/3.5 2017 2,003 10/23/2017 $640,968

1094 Kirkwood Avenue 4/3 2017 2,302 3/14/2018 $620,000

111A Hutchinson Street 4/4 2018 2,694 4/30/2018 $598,900

215 Arizona Avenue 2017 2,221 5/17/2018 $577,469

960 Moda Drive 2/2.5 2016 1,510 4/28/2017 $380,000

$272

$320

$264

$269

$222

$260

$252

$598,7502,26420173/3

244 B Locust Street 3/2.5 2017 2,300 4/18/2017 $565,000 $245

$265

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Seth Bernstein

Documents

THE KIRKWOOD/ EDGEWOOD DEVELOPMENT SITE€¦ · TRANSFORMING MEMORIAL DRIVE With more than two dozen projects planned and underway, the Memorial Drive landscape is being reshaped