EJF Capital LLC and Chartwell Residential is set to develop a new multifamily development in Metro Center. The Joint Venture recently announced the close of a $67 million construction loan from Synovus Bank. The development is located at 550 Great Circle Road, on the former Watkins College campus. The existing buildings have already been demolished.
According to the release, the first phase of the 377-unit project will contain a mix of studio, one, one+ den, and two-bedroom units. Project amenities include co-working spaces, fitness facilities, resident lounges, a resort-style pool, sundeck overlooking Lake Amulet, rooftop lounge and deck, pet spa, bicycle room, and 529-space parking deck. Construction is expected to take 24 months with the first deliveries expected in the first half of 2024.
This development adds to the list of new multifamily and office activity currently under construction. Moreover, it joins a slate of recently completed multifamily, hotel, and office projects over the past 2 years in the MetroCenter submarket.
Belmont University closed on the sale of the former Watkins College of Art property to a joint venture of affiliates of Chartwell Residential LLC and EJF Capital LLC for $22.5 million. As planned when the Belmont-Watkins merger was announced last year, net funds from the sale of the Rosa Parks Boulevard campus will create an endowment to provide scholarships for visual arts students in Belmont’s Watkins College of Art.
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