In Stonecrest, a nearly 400-home development moves forward

Stonecrest community billed as “perfect reverse commute” location for future Rivian employee

An Alpharetta-based homebuilder has embarked on an exciting venture in the eastern metro region, aimed at addressing the pressing need for housing. This strategic development also promises an ideal reverse commute for up to 7,500 employees slated to work at the upcoming Rivian EV car manufacturing facility, backed by an impressive $15 billion in bond funding.

Parkland Communities, having secured the necessary permits from the City of Stonecrest in late 2022, has officially announced the commencement of construction on a multi-phase residential complex christened Crestwind Township and Crestview Pointe. This ambitious project encompasses a blend of standalone houses and townhomes designed to accommodate various lifestyles.

The chosen site for this undertaking is a picturesque wooded expanse situated at the crossroads of Hayden Quarry Road and Turner Hill Road. This strategic location lies just south of The Mall at Stonecrest and the bustling Interstate 20 corridor within DeKalb County's most populous city, home to approximately 60,000 residents.

The residential plan includes the introduction of 389 housing units across two distinct segments. Crestwind Township will consist of 260 townhomes available for rent, while Crestview Pointe will feature 129 standalone houses for sale. Parkland Communities' representatives have emphasized the project's alignment with the "underrepresented missing middle market," addressing a significant housing demand in a market where opportunities for new housing are limited.

Although specific sales and rental pricing details are yet to be determined, Parkland assures that both housing types have been meticulously designed. The townhomes within Crestwind Township will span three to four bedrooms, encompassing two and a half bathrooms within approximately 1,700 square feet. On the other hand, the single-family homes in Crestview Pointe will provide over 2,000 square feet of space, with options for four or five bedrooms and either two and a half or three and a half bathrooms. Each housing option will feature a two-car garage for convenience.

Anticipated for the summer of 2024, the grand opening of this innovative community is eagerly awaited. Notably, Parkland Communities considers the build-to-rent portion of this project to be one of Georgia's most substantial rental communities of its kind. The development team points to the ongoing large-scale economic growth along the Interstate 20 corridor, coupled with Rivian's ambitious plans to construct a $5-billion manufacturing plant spanning 2,000 acres in nearby Morgan County. Rivian's project is projected to enter vertical construction in the coming months, with production set to commence in 2026.

Adding to the community's allure is its walkable proximity (roughly half a mile) to the New Black Wall Street Market—an innovative shopping and dining concept featuring 100 minority entrepreneurs. This marketplace occupies the premises of a former Target store near the mall and opened its doors in 2021.

Furthermore, the Stonecrest Mall is undergoing an exciting transformation to position itself as a regional tourism hotspot and employment center, located just 20 miles east of Atlanta. Notably, the mall now features SeaQuest, an aquarium concept, and the revamped Priví—once a Sears store—has attracted 12 new tenants. Plans are in motion to unveil its food hall, health complex, event spaces, and other components in the near future.

A noteworthy advantage of residing in this area, as highlighted by Parkland officials, is the planned MARTA Park and Ride station set to be located across the street from the upcoming housing units. The Stonecrest project will offer a variety of amenities, including nature trails, green spaces, sidewalks, a clubhouse, a swimming pool, a playfield, and a tot lot.

While the build-to-rent (BTR) model has garnered some criticism elsewhere in the metro for potentially occupying land that could have been allocated to for-sale housing, Parkland Communities underscores the flexibility it provides occupants—flexibility that traditional mortgages may not afford.

John Paulus is a Real Estate Broker in Georgia