Multifamily developer Northland on Monday announced it has acquired a four-parcel 0.76-acre high-rise development site located at the corner of 17th and Spring streets in Midtown. Northland paid $19 million, according to property records held in Fulton County.
“17th and Spring represents the most compelling multifamily development site in Midtown Atlanta today,” according to a press release. The site is in the heart of Midtown, surrounded by nearly 30 million square feet of office space that is either existing, under construction or proposed. 17th and Spring is also directly adjacent to Midtown Union, a mixed-use project currently under construction that will bring 32,000 square feet of retail to the development’s front door.
Northland will design, entitle, capitalize, and develop the project without joint venture partners, and its vision for the site is a generational multifamily-anchored high-rise tower, activated by engaging street level retail.
“This site represents one of the few generational opportunities nationally to create an iconic example of thoughtful urban placemaking through a dynamic housing and retail mixed-use development,” Santo Dettore, Director of Development at Northland, who will lead the upcoming 17th and Spring development project, said. “Atlanta’s incredibly exciting North Midtown neighborhood exemplifies the perfect ecosystem to execute on this vision.”
Northland also acquired SLX Atlanta, a 306-unit luxury mid-rise apartment community located in Chamblee, complete with 24,189 square feet of wellness-focused retail space, at 5211 Peachtree Blvd.
“We are excited to welcome SLX into our portfolio and to have secured the most compelling remaining development site in Midtown Atlanta,” Matthew Gottesdiener, Northland’s Chief Executive Officer, said. “Our investing horizon at Northland is fifty years, and we believe Atlanta’s current nation-leading growth trajectory is just getting started. In only thirteen months during a challenging investment climate, we are grateful to have solidified one of the highest quality multifamily portfolios in the city, with anchor assets in Sandy Springs, Chamblee, and Buckhead, and a Midtown site that will enable Northland’s development platform to deliver much-needed housing to the city.”
These acquisitions come one year after Northland Chairman Larry Gottesdiener and President and COO Suzanne Abair furthered the organization’s commitment to Atlanta by teaming up with former All-Star Renee Montgomery to become the new owners of the WNBA’s Atlanta Dream.
Together, Larry, Suzanne and Renee have cultivated a new chapter for the franchise, which was awarded ESPN’s Humanitarian Team of the Year award for their heroic social justice work in 2020.
Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the U.S. These acquisitions add to Northland’s portfolio of long-term markets within New England, Austin, and Southwestern and Southeastern United States.