Sandy Springs Mayor Eva Galambos and some residents have pushed for older apartment complexes to be razed and converted to modern luxury communities. According to an Atlanta Business Chronicle report, that may become a reality.
The newspaper said JLB Partners L.P is considering a $100 million mixed-used development at Chastain and Versailles apartments. The project would include retail businesses. The land is under contract with a partner of JLB, Hudson Hooks, the story said.
Older apartments have been challenging for Sandy Springs officials as the city moves forward in creating a new downtown area. Many apartment owners have experienced an increase in occupancy and have been resistant to selling.
In February, Chris Burnett, president of Cornerstone Bank and a member of Sandy Springs' Economic Advisory Committee told Patch, “The economics of apartments are better today than they have been in years. For someone doing well on their investments getting them to sell or redevelop is tough to do.”