The tower, which will have 327 class AA+ apartments, is the third phase of Star Metals District, the $1.5 billion mixed-use, urban-renewal project on Atlanta’s Westside.
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Peebles Corp.’s development plan calls for 495 apartments, office and workshare facilities, retail, hotel rooms and more than an acre of open space.
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The Westside land purchased by the Allen Morris Co. is surrounded by areas of future development, including Microsoft’s planned campus at Quarry Yards.
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Stella at Star Metals will offer 331 apartments and 25,000 square feet of ground-floor retail when it is completed.
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The first six units at the popular mixed-use development sold “almost instantly,” according to Engel & Völkers Atlanta.
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The new infill development is slated for a 1.57- acre site on Atlanta’s Westside, which has seen a surge of interest since the opening of the WestSide Reservoir Park and plans for a large Microsoft corporate center.
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The acquisition comes on the heels of FCP’s acquisition of the 380-unit Wyndcliff Apartments in Smyrna and sale of the 312-unit River Crossing at Roswell community.
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