KING MEMORIAL MARTA STATION DEVELOPMENT GETS GREEN LIGHT
Atlanta-based Place Properties/ H.J. Russell & Company Awarded Contract to Build
Multi-Story Modular Residential Units
ATLANTA – The Metropolitan Atlanta Rapid Transit Authority (MARTA) announced a partnership with Place Properties/H. J. Russell & Company to develop the King Memorial Station Transit Oriented Development (TOD), which has an estimated total development cost of $51.3 million. The joint venture replaces Walton Communities, which was initially awarded the project in 2014.
“Redevelopment of the Memorial Drive corridor has accelerated over the past few years, and we are thrilled with the energy and innovative approach that Place Properties/H. J. Russell & Company has brought to this TOD project,” MARTA GM/CEO Keith T. Parker said. “The King Memorial TOD reflects our commitment to the live/work/play experience and our customers who relish a car-free lifestyle.”
A multi-story modular project—the first of its kind in Atlanta to be co-located with a transit hub—the development opens the door to cost savings and quality improvements that have severely restricted the deployment of affordable housing in Atlanta. A 21st century construction system application, the modules have qualities that reflect a more contemporary form and function. The proposed design aligns more closely with the MARTA station and has the potential to enliven Memorial Drive and the surrounding area.
Place Properties/H. J. Russell & Company has experience in urban revitalization initiatives and will begin construction of the TOD in the latter part of the year, which is slated to include approximately 400 apartments units (with 20 percent earmarked as affordable housing) and 10,000 square feet of retail space.
“Russell finds it rewarding to be a part of projects that improve communities like this one does for Memorial Drive and that is reflected by other transit oriented development projects, including The Pad on Harvard the mid-rise luxury apartment complex within walking distance of the College Park MARTA station,” President of H. J. Russell & Company Jerome Russell said. “We are equally excited about the live/work/play/shop aspect of the King Memorial TOD because it encourages and supports mixed-income housing options and car-free lifestyles for Atlantans, especially those living in the heart of our city.”
“The King Memorial TOD will be best in class, and home to an incredibly diverse roster of residents. Our modular construction method and unique design assure this development will be a destination community that is also affordable for the men and women who do the heavy lifting in our city. We could not be happier or more proud than to be the developers for this pioneering community,” Chairman and CEO of Place Properties Cecil Phillips said.
Place Properties has financed, acquired and developed more than 37,000 beds nationwide, valued at over $1.7 billion. Development partner H. J. Russell & Company has a +60-year track record that includes iconic projects such as the Mercedes-Benz Stadium and the Smithsonian National Museum of African American History and Culture in Washington, DC.
Another attraction at the King Memorial Station is “Rise Above,” a mural by renowned artist and scholar Fahamu Pecou that was unveiled in June of 2016. This artwork is part of a larger effort to make the transit system more inviting and reflective of the neighborhoods it serves.