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Older Apartments Could be Leveled for Mixed-Use Community

The Atlanta Business Chronicle reports that JLB Partners L.P is considering a $100 million mixed-used development at Chastain and Versailles apartments in Sandy Springs.

 

Sandy Springs Mayor Eva Galambos and some residents have pushed for 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.”

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Adrianne Murchison (Editor) July 02, 2012 at 02:27 PM
What do you think about this idea? Do you want to see some of the older apartments come down?
Professor July 03, 2012 at 03:45 PM
I think Taking peoples homes and businesses away by force through emminent domain is a travesty of our freedom. And just to make space to have a new City Hall for city private contractors that aren't even in this state or even our country the U.S.A., And Eating up our tax dollars and jobs and forcing our people out of their apartment or business because they are unable to find a better paying job because the city says "let them eat cake" when they are hungry and
Professor July 03, 2012 at 03:46 PM
You should see what other people are being hurt by other sneaky cities a good site is NoCity.org
not one of 60 July 04, 2012 at 11:57 PM
This is free enterprise dimwit!
not one of 60 July 04, 2012 at 11:58 PM
As opposed to inefficient and corrupt county govt?
not one of 60 July 05, 2012 at 12:00 AM
They are developers buying a great site next to Chastain, location, location location! It will be more valuable and generate higher tax revenues and business revenues.

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