Catalyst Development Partners of Atlanta said Tuesday it will break ground in June to build the 147-unit luxury Home Street Apartments, also referred to as the San Marco Apartments, although the name will change.
The first residents will move in during summer 2019 and completion of all the units and amenities is scheduled for the first quarter of 2020, according to our Daily Record news partner.
Catalyst Partners paid $2.45 million May 15 for the property, which is near the Southbank. Trustmark National Bank of Birmingham, Alabama, issued a mortgage of $18.06 million.
Catalyst Development Partners, through CDP Home Street LLC, paid $1.6 million for almost 1.92 acres at 1444 Home St. from San Marco Professional Building LLC.
It bought 0.81 acres from The Prudential Insurance Co. of America at 1059 Kipp Ave.
“The walkability and livability of the Southbank area provided inspiration to deliver a product that appeals to professionals and families,” said Catalyst Development Partners Principal Mark Mechlowitz in a news release.
He said the group’s focus is to create an environment with co-working conveniences, personal retreats and lifestyle opportunities. He said it will be “a differentiator in the market.”
Catalyst Development Partners proposes to build the four-story apartment building and a 221-space, three-story parking garage.
The property is near Interstate 95. The address is 1444 Home St., between Hendricks and Kipp avenues.
Plans show the structure facing Home Street and with additional frontage on Kipp Avenue.
Amenities include two private outdoor courtyards and a pool, summer kitchen, fire pit, fitness center and clubhouse.
The city is reviewing permit applications for demolition of a 8,553-square-foot storage building at 1444 Home St. at a cost of $35,000.
Permits also are in review for the $12.75 million construction of the 87 one-bedroom and 60 two-bedroom apartments and the $2.275 million construction of the garage.
Summit Contracting Group is the contractor.
Catalyst Partners said the apartments will range in size from 612 to 1,151 square feet. Finishes will include gourmet kitchens with table-size islands, granite counters, stainless steel appliances, walk-in showers, full-size washers and dryers, and balconies and patios for most units.
Community amenities include co-working spaces, a 24-hour fitness club, resort-style pool with semi-private cabanas, a summer kitchen with gas grill stations, pub-style dining areas and a fire pit.
Rental rates were not released.