Too Many Apartments in Buckhead?
Buckhead is already home to many apartments and more are on the way. How many is too many for Buckhead?
Buckhead is a name synonymous with luxury, and everyone wants a piece of that, including those who live in apartments.
The demand for apartments continues to increase and developers are flocking to Buckhead to offer the supply that will meet the demand. Former Atlanta Mayor Sam Massell said in his recent State of Buckhead address that more than 3,500 apartments were announced in 2012 to be in some stage of development in Buckhead.
Massell did address "overbuilding" in his talk and said he was afraid that some of the apartments will be “struggling with rents.” If this pace of apartment-building continues, Buckhead will have doubled its inventory in six years, he said.
It was just announced that Buckhead would be seeing another 700 apartment units, being called Prominence Buckhead, in two different towers at the corner of Piedmont and Lenox roads. The project is set to begin in 2015 and be completed by 2017.
In late 2012, Dante's Down the Hatch announced that it would soon close to make way for a new 10-story, 288-unit luxury high-rise apartment building sometime this month or possibly in April. Several readers were not pleased that the iconic restaurant would be replaced with another apartment high-rise building.
Atlantic Realty Partners, which plans to tear down Dante's to make room for its high-rise, is also currently redeveloping the Georgian Hills apartment complex at 1185 Collier Road. The aging complex has been demolished and is being replaced with a 288-unit mid-rise apartment development called The Reserve at Collier Hills.
Are there too many apartments in or coming to Buckhead? Tell us what you think in the comments below.