Largely due to the improved residential market, Branch properties is in middle stages on working on a new proposal that will be truly mixed-use, and integrated. Details are still in the work, and timeline still open, however it will likely be presented to the city within 2-3 months and possibly sooner. Some early highlights are to move the mixed-use structures to line Atlanta Rd in a more urban, walkable setting - as people have requested - and move the parking to the back of buildings between the buildings and the railroad. It is a significant improvement over the previous design and I personally believe much closer to what we were looking for with the reality that the original post-crash design based around TAD funding just won't happen in today's market.
Renderings and other media are in the work.
The design is subject to change, however some emerging details are as follows:
Some street-level walk-out access will be present for some of the units, and the rest will likely have porches. Design will most likely be a more traditional design similar to Market Village or Ivy Walk to blend in with Smyrna center and not the craftsmen style of West Village.
Since the condo market in Atlanta is hurting right now, and we're just beginning to see a recovery in the Smyrna condo market, the mixed-use development will most likely be high-end apartments designed to be convertible to condos in the future, so that such conversion will be possible if the market ever makes it a sensible move.
Other early notes, all subject to change:
- The mixed-use portion will include 1br to 3br+ units and then some loft units. Rents are tbd but should be at the top of the market and rival that at West Village, targeted at working professionals and couples -- likely in the mid thousands to few thousand range for anything but the lofts.
- The lofts will be small and targeted at single professionals looking for around $1k rent.
- As such, the retail portion will likely be designed around restaurants and boutiques to service those living in the immediate area.
- The site plan will be designed around walkability and convenience
- The residential portion will be four-story state-of-the-art buildings, focused on technology and social living and gathering. It will have wi-fi and high-speed internet.
- Spring Rd: Although there will be no building entrances on Spring Rd, there will be a car and pedestrian entrance from Spring Rd and at least one building will overlook Spring Rd, obviously appearing shorter from the Spring Rd side due to the higher elevation of Spring Rd. There is also a sliver of right-of-way owned by the city flanking Spring Rd that could be used for pedestrian or other improvements. It is also possible Branch may continue the brick around the corner onto Spring Rd and all the way to the pedestrian bridge over the railroad.
- The partially done parking garage foundation will be leveled and the parking will most likely be ground-level parking. The parking garage is cost-prohibitive since there is adequate space for ground-level parking and there isn't adequate density to build over a parking garage.
- Publix has withdrawn from the plans for unknown reasons, likely due to change in management and new priorities. No other grocery store is looking to take its place.
Another thing fueling the decision by Branch to go with luxury apartments is that the national trend for young professional and empty-nesters has shifted from home-ownership to renting.
The days are gone of the average student straight out of college purchasing a home or condo once their credit is good enough. More often, people are delaying that purchase and waiting until marriage - which is down - or when they cohabit-ate and/or have children. Until then, they are seeking apartment communities built around social living, convenience and technology. Hopefully, we can continue to improve Smyrna so it's competitive enough to keep young people here after they decide to purchase their first home.
With increases in high-end retail, an area can be more of a destination for people living in the general area. Therefore, the new development at Jonquil Village may actually cause a decrease in retail vacancies, even if it's bringing its own retail storefronts in the mixed-use section, simply due to there being more residents and more to do on this stretch of Atlanta Rd.
With this and Belmont Hills edging towards completion, we may soon be able to say "done" for Atlanta Rd and fully focus on the other parts of Smyrna needing attention, especially Windy Hill and S. Cobb Dr.
