Pictured from left are, from Powder Springs, Mayor Pro Tem Henry Lust, City Manager Pam Conner, and Mayor Al Thurman; and from Selig, Greg Lewis, SVP Development; Steve Selig, president and CEO; and Steve Baile, Chief Development Officer.
The below release is courtesy Selig Enterprises.
Selig Enterprises Breaks Ground on New Multifamily Development in Powder Springs
City’s First New Apartment Project in Two Decades
Selig Development, the development arm of one of the largest privately-owned real estate companies in the Southeast, broke ground today on its newest multifamily development, Heartwood Powder Springs. Located along Brownsville Road at the intersection of Oglesby Road on property Selig has owned for 25 years, Heartwood is slated to welcome its first residents in late fall of 2023.
Heartwood Powder Springs will feature 300 units in a garden-style environment with an amenity-focused design for its residents. The units, which average approximately 1,000 square feet in size, will be housed within 10 three-story residential buildings set on 20 acres. Residents can select from one or two-bedroom units along with a limited number of three-bedroom floor plans. Unit finishes will feature high-end granite countertops and backsplashes, kitchen islands and peninsulas, stainless steel appliances, built-in beverage bars, in-unit washer and dryers, LVT flooring, linen closets, bedroom ceiling fans, balconies, and entry nooks equipped with a bench, coat hooks and storage shelves.
With the delivery of Heartwood Powder Springs, Selig seeks to add diversity to the product type available to residents of Powder Springs, helping to meet housing needs created by the area’s continued strong growth.
“This apartment development will be the first in Powder Springs (excluding senior specific apartments) and I am excited to see the construction underway. This type of development plays an important part in making Powder Springs such a great city to call home,” said Mayor Al Thurman.
Designed by Silver Studio, the architecture will feature a modern craftsman style with a warm, rustic color palette that incorporates texture and details into the design to create a welcoming community feel. The property will be walkable with ample outdoor amenities that feature architectural and landscaping detail that enriches the pedestrian experience. Community amenities include a resort-style swimming pool and deck with an adjacent activity field for pickleball, bocce ball, cornhole and large grilling areas. Plans also include co-working areas, a state-of-the-art indoor/outdoor fitness center with yoga studio, an indoor/outdoor bar, a dog park and smaller pocket parks and nature trails.
The Selig team, working closely with City Leaders, neighbors, and community members, was able to rezone the property from CRC to MXU, creating the opportunity for this project. “We are excited to develop on this property and be part of the growth that’s happening in Powder Springs,” said Greg Lewis, SVP Development at Selig. “I want to thank the local community for working with us and being so welcoming. We look forward to delivering the highest quality offering that will ultimately benefit the community.”
Additional members of the team include SilverCap Partners, Selig’s equity partner, Wells Fargo Bank, N.A., Selig’s construction lender, and True North Companies, the development’s general contractor.
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About Selig Enterprises
With beginnings dating back to 1918, Selig Enterprises is a family-owned and operated real estate company that has a portfolio of more than 11 million square feet of retail, industrial, mixed-use and office properties throughout the Southeast. Selig’s portfolio boasts several large-scale mixed-use developments including: 1105 West Peachtree, a 675,000 square foot, Class A office tower, 178-room Epicurean Atlanta hotel and 40 West 12th, a 64-unit luxury residential tower; and The Works, an 80-acre adaptive reuse development in the heart of Atlanta’s Upper Westside.
In its long history, Selig has been a leader in the creation of the Atlanta skyline in addition to being active in civic, political, religious, and educational organizations in the community. The Selig mission is to create well-conceived, quality projects in prime locations, with a long-term commitment to ensure stability to tenants, lenders, and the community. Its leaders adhere to a Selig family motto of “you can never do wrong by doing right.” As the company continues past its 100th year of service, it will build upon its proud heritage by continuing to strive for excellence. For more information, visit seligenterprises.com.
About SilverCap Partners
SilverCap Partners LLC (“SilverCap”) is a real estate investment management firm based in Charlotte, NC. The firm was started in 2012 and has acquired or developed over $1.5 billion worth of industrial, residential, retail and office real estate throughout the Southeastern United States since inception. SilverCap invests both common equity and preferred equity either directly or via joint ventures with best-in-class real estate developers.
Please see the firm’s website, silvercappartners.com, for more information on its investment strategy and team.