Firm may redevelop Colonial Homes apartments site

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Pollack Shores Real Estate Grouppartners recently bought the 212-unit Colonial Homes Apartments for about $15million and may have bigger development plans at the 1940s-era apartmentcomplex in south Buckhead, according to the Atlanta Business Chronicle.

Pollack Shores is a venture of MarcPollack, former president of the investment and development affiliates ofAtlanta-based Lane Co. and Steven Shores, a former Hines company executive.

One of the present buildings at Colonial Homes apartments

The Business Chronicle reports that ColonialHomes is consistent with Pollack Shores’ investment strategy, “which will focuson urban infill sites and select suburban properties close to majortransportation hubs and jobs centers, such as Sandy Springs and Dunwoody.”
Colonial Homes apartment buildingsconsist of one- and two-bedroom units next to Bobby Jones Golf Course andPeachtree Creek, Tanyard Creek and the far northern end of the Atlanta BeltLine’sproposed route.
The business newspaper said “PollackShores is carrying out its own due diligence on the tract, and it wouldconsider redeveloping the site into a new four- or five-story apartmentbuilding.
The Business Chronicle reports thata development opportunity for Pollack Shores was made somewhat easier whendeveloper Pope & Land Enterprises, which owned the aging complex, won abattle with the city of Atlanta to rezone a small portion of the project to ahigher density.
To read the AtlantaBusiness Chronicle article, go here.