Apartments at redeveloped Bank of America property in Decatur will cost $3,000 a month
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Decatur, GA — Developer Mill Creek Residential is planning to construct a mixed-use development at 163 Clairemont Avenue that will consist of 194 apartment homes and 24,500 square feet of retail.
The mixed-use community will be called Modera Decatur.
As Decaturish previously reported, the project is slated for the Bank of America downtown branch property. Mill Creek Residential plans to build a podium-style development with underground parking, street-level restaurants and retail shops, and an 194-unit apartment building on what used to be the bank’s surface parking lot.
None of those apartments will be designated as affordable housing. A spokesperson for the company said the average rent will be $2,996 and units will have an average of 1,194 square feet. Smaller units — 850 square feet — will cost $2,100 a month.
In Sept. 2017, the city approved a conditional use permit allowing the developer, Mill Creek Residential, to add 29 additional units to the 203 allowed under the applicable zoning, provided those be designated as affordable housing reserved for applicants making between 80 and 120 percent of the area median income. The City Commission in 2019 approved the revocation of the conditional use permit that would’ve allowed for the affordable units.
Currently, the AMI for the Atlanta-Sandy Springs-Marietta Metropolitan Statistical Area is $82,700 for a family of four. This year, 80 percent of AMI for a family of four in metro Atlanta is $66,160.
Challenges with the site topography forced the developer to change its original plans, including the need to reduce the amount of parking from four levels to three, Chad Dubeau, senior managing director for Mill Creek Residential, told the Decatur Downtown Development Authority. Reducing the amount of parking meant the developer couldn’t build as many units as they intended, making the density bonus unnecessary.
The developer did look into other options to include affordable housing but determined it would be cost-prohibitive.
The project will break ground this month and is expected to open in the fall of 2022.
“Modera Decatur will be the ninth Mill Creek-operated community in Atlanta, joining existing communities in Buckhead, Midtown and Sandy Springs – with Modera Reynoldstown and Modera Prominence opening this fall, and an additional forthcoming Prominence location targeting a July 2022 opening,” a press release from the company says.
Here is the full announcement from Mill Creek Residential:
ATLANTA (August 14, 2020) – Mill Creek Residential, a leading multifamily investor and operator specializing in contemporary apartment communities across the U.S., has finalized plans for another Atlanta mixed-use community, Modera Decatur. The development will consist of 194 apartment homes and approximately 24,500 square feet of retail across 2.14 acres. Slated for delivery in fall of 2022, Modera Decatur is scheduled to break ground this month at 163 Clairemont Avenue. Modera Decatur will be the ninth Mill Creek-operated community in Atlanta, joining existing communities in Buckhead, Midtown and Sandy Springs – with Modera Reynoldstown and Modera Prominence opening this fall, and an additional forthcoming Prominence location targeting a July 2022 opening.
Located a few blocks from downtown Decatur’s bustling Decatur Square, the community will attract an active adult renter with the largest floorplans of all communities in Modera’s portfolio, ample storage, dual- vanity bathrooms, fixed kitchen islands and separate dining areas, alongside a concierge, activity director, resort-style pool and outdoor rooftop lounge. The individual homes will offer high-end finishes and promote a comfortable but luxurious living environment, centered around a sophisticated, modern design. Private terraces and open floor plans are complemented by European-style cabinets, stainless steel appliances and quartz countertops, in addition to amenities to fulfill all entertainment and relaxation needs: a demonstration kitchen, fire pit and clubroom, alongside a fitness center with instructor-led classes, swim classes at the pool, sauna and steam room.
With a walk score of 92, Modera Decatur is not only convenient to nearby Decatur Square, filled with local restaurants, boutiques and galleries, but also has plans for eight street-level retail destinations – from fast- casual to full-service dining, and convenience retail. Proximity to the local MARTA station offers another commute option for residents.
“We are really excited to expand our footprint to Decatur,” said Chase Beasley, Development Associate for Mill Creek. “This is our first community in this pocket of Atlanta, and we have strategically aligned our homes and amenities to provide a superior living experience in a location providing all of life’s comforts within a block.”
Modera Decatur is targeting a Fall 2022 opening. Mill Creek is best known in Atlanta for its Modera portfolio, which currently includes Midtown, Buckhead, Sandy Springs, Prominence and Reynoldstown locations, as well as the upcoming additional Prominence and Decatur communities. For more information about Mill Creek, please visit https://millcreekplaces.com/.
Here is a rendering of the project’s exterior:
Writer Cathi Harris contributed to this story.
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