Avalon developer North American Properties held a ceremonial ground breaking Wednesday on a new apartment project in the Old Fourth Ward neighborhood called Anthem on Ashley.
The 245-unit development at 720 Ralph McGill Boulevard is adjacent to the Historic Fourth Ward Park and marks the latest rental project to join the bustling area near Ponce City Market and the Atlanta Beltline’s eastern leg.
The project, slated to open in 2017, will also feature ground-level retail and restaurant space, according to a news release. It joins the North American’s Bohemian House – or BOHO — apartment development in the neighborhood.
The project is part of Atlanta’s apartment development boom.
Job growth, a low home-ownership rate and continued tight supply of apartments will continue to push rents higher in metro Atlanta, though thousands of new units coming to market over the next year might mute the rate of growth, forecasters said at an apartment industry meeting earlier this month.
Metro Atlanta’s recent pace of job growth — 77,000 in the 12 months ended in June — has contributed to the number of people looking for places to live. Demographic trends also skew to renting as younger adults delay marriage, starting families and buying homes.
The region should see about 9,000 new units enter the market this year, a figure that could grow to 11,000, but those figures are still several thousand units a year shy of the region’s peak in the early 2000s, one forecaster recently said.