ROSWELL, Ga. — A $101 million luxury apartment and townhome development is expected to finally replace the East Village Shopping Center on Holcomb Bridge Road.
The shopping center is at the site of a former SuperTarget, which has sat vacant for the past five years. In June 2019, the Roswell City Council approved a rezoning request to convert the property into a multi-use development with residential and commercial aspects. The proposal was approved 3-2, with council members Mike Palermo and Marcelo Zapata denying the motion.
ECI Group and joint venture partner Phoenix Capital announced on June 6 that construction of the project has started and is expected to be completed in late 2024. The first stages include demolishing the existing commercial buildings and constructing the project infrastructure.
The development, known as Averly East Village, comes just after the Roswell City Council voted unanimously in May to ban the construction of new standalone apartments.
Averly East Village will include 335 one-, two- and three-bedroom apartments as part of the larger East Village mixed-use development that will have 74 townhomes, 75,000 square feet of retail and a large public central green with pavilion.
The project is expected to present “resort quality” landscaping, architecture and interior finishes. It is designed by Rule Joy Trammell Rubio Architects, with Truist providing construction financing.
Joe Miller, development manager at ECI Group, said the redevelopment plan for the East Village Shopping Center was heavily influenced by input from neighbors and other local stakeholders.
“The inclusion of live-work units in the multifamily development will help to integrate the residential component with the adjacent retail uses,” Miller said. He added that the community green and amenity pavilion will be available for public use, making the project a focal point for the East Roswell community.
“We appreciate the cooperation and assistance of The Ardent Companies, which owns the retail component of the center, and of the residents of The Towns at East Village in making this redevelopment possible,” Miller said.
Jimmy Baugnon, chief investment officer at ECI Group, said the development comes at a “particularly opportune time” because North Atlanta is experiencing explosive job and resident growth.
“We are excited to play our part in helping to address the shortage of new housing by building luxury residential units on what was a mostly vacant strip center in the middle of the affluent Roswell area,” Baugnon said.
Andrew Scott, senior managing director and partner at Phoenix Capital, said his company is delighted to continue its long history of investing in multifamily housing in Metro Atlanta.
“Opportunities in Roswell are rare, making this project an especially exciting addition to our Fund X portfolio,” Scott said.
Averly East Village will also feature a pool, pool deck with cabanas, two outdoor kitchens, clubroom with gourmet chef’s kitchen, synthetic turf dog park, dog spa, two-story state-of-the-art fitness center, outdoor gym, café-style coffee lounge with individual work from home spaces and bicycle storage.
Individual apartments include quartz countertops with under-mount sinks, stainless steel appliances including a French door fridge with a bottom freezer, designer cabinets and light fixtures, tiled kitchen backsplash, vinyl plank hardwood-style flooring, private porch or balcony in each unit, walk-in closets, full-size washer and dryer in each unit and island kitchens. Floor heights vary from 9 feet, 6 inches to 10 feet.
In a post on the Facebook page Coalition for East Roswell Progress, there were mixed emotions about the development. One person, David Johnson, stated the plans looked great.
“Glad to see an empty shopping center redeveloped,” Johnson wrote. “Glad to see greenspace added.”
However, Ann Sigafoos Duncan wrote she was wary about the type of retail the development would attract, citing the Sun Valley development on the corner of Alpharetta Highway the City Council approved in 2017.
It was set to replace an 18-acre shopping center with a grocery store, office, retail, restaurant space and up to 300 apartments. In the end, only the apartments were built.
“We have more apartments on the east side, so looking at 335 more?” Duncan stated. “I bet the apartments are built first. We need real business to Roswell! Hope that our council is looking at that!”