A new development broke ground in the City of Norcross last month as FIDES Development, in partnership with South Florida Real Estate Firm PointOne Holdings, begins work on a 160-unit mixed-use residential community to be located at the intersection of Jimmy Carter and Peachtree Industrial boulevards. As explained at the January 11th ceremony, the development is perfectly positioned as a “gateway” into the city and is being referred to, unofficially, as the city’s “Gateway Project.” 

 

“We’re delighted FIDES chose Norcross for this fantastic new development,” said City of Norcross Mayor Craig Newton. “Over the past 4 years, we’ve seen close to $900 million in investments in our local community through new development and expansions launched in Norcross. We look forward to the creation of this new live-work community strategically placed on the corner of one of our 4 primary gateways into the city as the latest agent to economic prosperity here in Norcross.”  

 

The property, an institutional-quality, Class “A” multifamily apartment community, will be an elevator-serviced, four-story building with conditioned corridors and a best-in-market amenity set, and will benefit from excellent visibility of 150,000 cars per day. The joint venture recently closed the site acquisition and financing for the project and construction is underway. First apartment units as well as the leasing and resident centers are expected to deliver the third quarter of 2023. 

 

“With apartment demand in Atlanta’s northern suburbs continuing to outpace other submarkets across the MSA, and supply limited, a highly visible location such as this has strong tailwinds that don’t show signs of stopping,” said Heath Hans of FIDES Development. “We’re thrilled to be partnered with the group of outstanding professionals at PointOne Holdings.”    

  

“We're excited to add this project to our portfolio of multifamily developments, bringing PointOne Holdings to 4,071 units under construction across 14 properties,” added Leo Peicher, PointOne Holdings Managing Partner. “Located in a highly sought-after submarket, this property will offer residents high-quality living in an open, suburban community.”  

 

FIDES Development, an Atlanta-based firm, was founded in 2020 by industry veterans who bring together more than $5 billion in real estate development and investment experience. The project is the first of many starts for the firm in 2022, with groundbreakings planned in March on a 350-unit high-rise project in Midtown Atlanta, in June on a 192-unit mid-rise project in Chamblee, GA, in August on a 340-unit mid-rise on the Charleston Peninsula, and in October on a 205-unit community with deepwater frontage along the southern shoreline of Lake Lanier.  

 

PointOne Holdings is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States, Texas, Virginia, and Colorado. The firm owns and manages a diversified portfolio of residential and commercial assets valued in excess of $1.3 billion.