Novare Group, Batson-Cook Development Company and Ackerman & Co. have issued the notice to proceed for SkyHouse® Buckhead, giving general contractor Batson-Cook Construction the green light to start construction on the the 26-story, 362-unit high-rise apartment community on Stratford Road just off of Peachtree Road in the heart of Atlanta’s premier sub market.
The $72 million high-rise is the team’s third in Atlanta, following SkyHouse Midtown, which opened in January, and SkyHouse South, which will open in early 2014, and ninth overall. SkyHouse Buckhead is expected to be delivered in the first quarter of 2015.
Batson-Cook Construction, the general contractor on all SkyHouse projects, is utilizing Lean Construction methods, which ensure a quality development free from many of the delays that plague complex construction projects. Based on lessons learned from the streamlining of Toyota’s car assembly plants, Lean Construction cuts waste and opens lines of communications between the general contractor and the sub-contractors creating a better-coordinated and smartly-run job sight. The end result is the delivery of a high-rise building in 12 to 14 months, a much shorter build-time for similar projects.
The innovation of the SkyHouse program lies in the experienced team lead by Borders and Novare Group with co-sponsor Batson-Cook Development Company, general contractor Batson-Cook Construction, and architectural firm Smallwood, Reynolds, Stewart, Stewart. The partnership allows the SkyHouse communities to be built in urban locations where strong economic and demographic trends favor intown living but where apartment cost economics are otherwise difficult for high rise towers directed at a younger population.
As with SkyHouse Midtown and SkyHouse South, an investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project, and NGI Investments, LLC, led by Jim Borders, Batson-Cook Development Company, and Ackerman & Co. are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of the Atlanta office of CBRE sourced the financing.
SkyHouse towers are aimed at Generation Y professionals who want to live in urban infill areas close to business centers, night life, culture and public transportation. In addition to Atlanta, other SkyHouse projects are in Orlando, Austin, Houston, Dallas and Raleigh.
SkyHouse Buckhead will feature one, two and three bedroom apartment homes with high-end finishes and floor-to-ceiling glass. The “SkyHouse” will be on the 26th floor with a club room, fitness area, and outdoor plazas that include an infinity swimming pool, fireplaces, covered outdoor lounges and 360-degree views. The project will be environmentally sustainable and Energy Star certified.
About Batson-Cook Construction
Batson-Cook Construction, founded in Georgia in 1915, provides general contracting, construction management, design-build and program management services to a wide range of clients throughout the Southeast. The firm operates full-service construction offices in Atlanta and West Point, Georgia, and in Jacksonville and Tampa, Florida. Batson-Cook has brought its dedication to quality construction to nearly every major category of building, including healthcare, multi-family housing, office, industrial, retail, institutional, hospitality, education, and resort facilities. For more information, visit http://www.batson-cook.com.
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, NGI Investments, LLC, Novare Events, LLC, HomeOwners Advantage, LLC, and TWELVE Hotels and Residences, LLC. Since 1995, Novare Group has developed over 9,000 high-rise residences in 29 buildings around the Southeastern United States. Learn more by visiting http://www.novaregroup.com.
About Batson-Cook Development Co.
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. Learn more by visiting http://www.batsoncookdev.com.
About Ackerman & Co.
Ackerman & Co. is one of the top commercial real estate companies in the Southern United States with more than 30 million square feet of office, medical, retail and mixed-used space developed, nearly 4 million square feet more under management, an investment portfolio valued at $750 million and a widespread presence that leverages the experience of its staff of more than 100 real estate professionals across the nation.