329-unit apartment building planned near Atlantic Station

Midtown’s apartment construction boom apparently isn’t slowing down.

The Atlanta Business Chronicle reported Friday that an Atlanta developer plans to break ground in March 2013 on a 329-unit apartment building near Atlantic Station.

The ABC’s Douglas Sams writes that the $45 million project will be constructed on a more than 3-acre site at 16th, 17th and Mecaslin streets.

The Georgia Tech Foundation has reached an agreement to sell the property, which is across from the IKEA but not part of the Atlantic Station development, to Pollack Shores Real Estate Group. 

The ABC reports that according to market data, effective rents of nine apartment properties located within just a few miles of the proposed new project have “climbed to an average of $1.42 per square foot.”

Part of the turnaround in the area was sparked by the late 2010 selling of several Atlantic Station key assets by American International Group Inc. to North American Properties and CBRE Global.

According to the ABC, Pollack Shores is also hoping in 2014 to develop a $45 million, 300-plus unit apartment project adjacent to the property it has recently agreed to purchase, but Georgia Tech is undecided as to whether it will sell. The current property serves as Tech’s golf practice range.

Earlier this year, ground was broke in Midtown on both the 23-story, 320-unit apartment building SkyHouse Midtown, and 77 12th, a 22-story, 330-unit apartment tower.

Also coming in 2013 will be construction of a 23-story 320-unit luxury apartment tower called 100 6th Street, and a mixed-use project, including 280 apartments, that is being planned for a 2.5-acre property bounded by Juniper St., Ponce de Leon, North and Piedmont avenues.