H
ighwoods Properties and Brand Properties are teaming up to revitalize a long-vacant 18-story office building in Chamblee, transforming it into much-needed residential space. The $91 million project will repurpose the 298,000-square-foot building at 1800 Century Boulevard into 289 apartments, ranging from one-bedroom units to three-bedroom townhomes. This conversion is expected to bring a significant influx of housing to the area.

    The development cost works out to approximately $315,000 per unit, with the project secured through a combination of a $59 million construction loan and $32 million in investor equity. A $6 million property tax break approved by the Decide DeKalb Development Authority is also expected to aid in financing. The project will offer 20% of units at below-market rates, ranging from $1,505 to $2,684.

    The site's proximity to major transportation routes and institutions like Emory University's medical campus and Children's Healthcare of Atlanta's new hospital makes it an attractive location for residential redevelopment. Amenities such as a dog park, food truck park, and small amphitheater are also being considered. The conversion is expected to have a positive fiscal impact on DeKalb County, with estimated local tax collections exceeding $2 million during the tax abatement period.

    "We've looked at over 30 office-to-residential opportunities in metro Atlanta, and this one stands out as the most compelling," said Michael Hoath, president of Brand Properties.