Novare Group, BCDC & PointOne Holdings Start Town Center Development in Downtown Powder Springs
Project Offers Access to Restaurants, Shops, Parks and Silver Comet Trail
Ground has been broken on a town center multifamily residential project in Powder Springs, Ga., the first phase of a dynamic development on 6.6 acres in the heart of downtown.
The multifamily community will be within walking distance of the new Thurman Springs Park, the restaurants and shops along Marietta Street and the Silver Comet Trail. In addition, the Powder Springs Downtown Development Authority will own and develop a contiguous commercial development pad to complement the residential component of the mixed-use project.
“We are excited to be underway on our latest project with PointOne Holdings and our longtime partners Batson-Cook Development Co.,” said Novare Group President and CEO Jim Borders. “We have been working with the city of Powder Springs to design and build a project that residents desire and will further activate downtown.”
“Powder Springs could not be more excited and proud to partner with the Downtown Development Authority and the Novare Group-led partnership in creating a project that will revitalize and continue to reawaken downtown,” said Mayor Al Thurman. “Novare Group has transformed communities across the country, and their project will bring a renewed focus to the downtown as the physical and symbolic heart of the community.”
“Downtown is the premier asset of Powder Springs, and we are thrilled to be a part of this team bringing this project to the city,” said Litt Glover, President and Chief Executive Officer of BCDC. “Novare Group and PointOne Holdings are among the best partners in the business.”
“We look forward to creating a new live-work residential community strategically placed in this high-quality and walkable Atlanta suburb,” PointOne Holdings Managing Partner David Lewin added. “We are thrilled to, once again, partner with the outstanding professionals at the Novare Group and BCDC.”
The 226-unit multifamily project will span eight buildings — a mix of two-story carriage houses and three-story and four-story apartments.
The state-of-the-art apartment community will offer controlled-access buildings, a co-working lounge, private garages and a resort-style pool with a sun shelf and tanning ledge. Outdoor grilling stations, a fitness center with a yoga room and outdoor entertainment areas are also among the top-of-market amenities.
The town center development is adjacent to the city of Powder Springs future trail connection to the 61.5-mile Silver Comet Trail, one of Georgia’s most sought-after outdoor assets.
The multifamily development will include 16 studio units, 119 one-bedroom units, six one-bedroom carriage houses and 85 two-bedroom units. The sizes range from 438 to 1,269 square feet.
Novare Group is leading the project, with co-sponsors BCDC and PointeOne Holdings, which recently completed its $150-million residential development capital raise. Synovus Bank is the senior lender, Humphreys & Partners Architects is the architect and Stratus Construction is the General Contractor.
The partnership expects delivery in the fourth quarter of 2023.
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