While Chastain and Versailles Apartments are under contract for conversion to luxury residential communities, JLB Partners is still figuring out what kind of mixed-use development the property will be, said Matt Hallman, vice president of acquisitions at JLB.
The Roswell Road properties, which are managed by First Communities, is under contract to be sold to JLB Partners.
An earlier version of this story referenced information from JLB on groundbreaking for mid-2013. On Monday, Hallman told Patch that there is no definitive date for the start of construction. “[The date] is very tentative because of the economy and moving parts,” said Hallman, earlier in July.
News of the deal to raze the apartment complexes was .
JLB Partners is also developing the Village at Buckhead, a multi-family development on Pharr Road.
Older apartments have been challenging for Sandy Springs officials as the city moves forward in creating a new downtown area. While Mayor Eva Galambos and some residents have been in favor of them being demolished, many apartment owners have experienced an increase in occupancy and have been resistant to selling.
First Communities’ plan and process to move residents out of Chastain and Versailles apartments is unclear. Phone calls to the management company have not yet been returned.