Ground has been broken on a luxury apartment development, the first phase of a 123-acre mixed-use development weaving together public greenspace and walking trails with offices, shopping, restaurants, apartments and townhomes at the intersection of Newnan Crossing Boulevard East and Lower Fayetteville Road in Newnan, Ga.
The 298-unit multifamily project will have a mix of three-story apartment buildings, “Big House” units and for-rent townhomes on approximately 24.3 acres. The gated community will include a leasing center, business center, clubroom, fitness center, pool, outdoor grilling, bocce ball court, community garden, bike storage and a dog park. Novare Group is leading the development with partners PointOne Holdings Development and Batson-Cook Development Company (BCDC).
“We are thrilled to be underway on our next great town center project with Newnan Crossing,” said Jim Borders, President and CEO, Novare Group. “We have put together an experienced team to deliver a community that will lead the market and be unlike anything in the area. With all of the momentum around this region and with this centrally-located site, this is an exciting place to be right now.”
The 123-acre mixed-use master development, called Village Square at Newnan Crossing, will be a walkable, interconnected community with a mix of retail, office, restaurant and residential space anchored by a 10-acre park and a community plaza for the city of Newnan. The LINC, a city-approved 25.5 mile multi-use pedestrian pathway connecting the entertainment and commerce hubs, will run directly through the project and will be adjacent to the apartment community.
Unique to the mixed-use development will be 12 rental townhomes fronting the community plaza; 94 “Big House” style-units, half of which include a garage with direct access to the units; and 204 traditional garden-style apartment homes. The studios, one-, two and three bedroom units will all feature condominium-style, high-end finishes such as stainless steel appliances, granite counter tops, designer-style cabinetry and hardwood-style plank flooring.
“We are extremely excited about the development project and our partnership with Novare, a skilled and experienced developer of multifamily properties” said Leo Peicher, a PointOne Holdings Development managing member. “This project provides us the opportunity to grow our multifamily portfolio, and it aligns with PointOne’s strategy to focus on owning and operating newer, high-quality properties in strong suburban submarkets with limited new-starts, good schools and strong centers of employment.”
Humpreys Partners & Associates is the architect and Kimley-Horn & Associates is the civil engineer and the landscape architect.
The location offers direct access to the interstate corridor as well as convenient access to approximately 1.7 million square feet of grocery, retail and dining and entertainment space including two marquee shopping centers; the Forum at Ashley Park and the Newnan Pavilion.
Industrial development along the I-85 corridor has driven much of the growth in the region, which is home to manufacturing and distribution facilities for divisions of Yamaha, PetSmart, Niagara and Cargill. Adding to that momentum is the health care industry, including the 360,000 square foot Piedmont Newnan Hospital and Cancer Treatment Centers of America. The film industry may be the most exciting opportunity in the area, as downtown Newnan’s historic charm and appeal have made it a popular destination for Hollywood productions.
Newnan is also in close proximity to the economic core of the Southeast, the international business hub of Atlanta, which ranks tenth in US GDP and top 5 in Fortune 500 headquarters. Further contributing to the job growth and economic prosperity, the city has seen the relocation of US headquarters for Mercedes Benz and Porsche as well as the development of large employment centers for both State Farm and Google.
About Novare Group
Novare Group is a real estate development and investment company headquartered in Atlanta, Georgia, consisting of several investment and operating companies, including Novare Group Holdings, LLC and NGI Investments, LLC. Since 1995, Novare Group has developed over 12,900 residences in 39 buildings in the United States.
About PointOne
PointOne Holdings Development is a private equity investment platform with a highly differentiated strategy, proven track record and in-depth knowledge of its target markets. Composed of highly skilled real estate professionals and entrepreneurs with a unique ability to originate, structure, underwrite and operate multifamily properties, its core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. Our principals are seasoned real estate professionals with more than 40 years of combined experience who, collectively, have conducted more than $1.2 billion in real estate transactions.
About BCDC
Founded in 1963, Batson-Cook Development Company is a wholly owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia Batson-Cook Development Company offers a wide variety of real estate services from development and construction, to equity and credit enhancements, to brokerage and property management.
