Brewer’s Big Gambles
South of I-20 and Cabbagetown along Glenwood stands an interesting contrast.
Charles Brewer is moving ahead with his vision. His development firm, Greenstreet Properties is now actually building Glenwood Park. This project will blend a variety of types of housing centered around a small village with shops, one office building, and a school.
Contrast this with the development that is just across the street. Glenwood Green is a gated community of modernized Levittown style condos with a traditional apartment style workout center and leasing office. As of this writing, Only 19 of 170 residences remain to be leased. Clearly they have been successful.
Will Mr. Brewer’s gamble will pay off? First, let’s define the bet. The bet is that Atlantans are ready for a community that incorporates commercial, civic, and residential spaces in one development. This includes the idea that the residential areas will be directly above the businesses. And that people will want to live above where they work.
But wait, there’s more!
According to John Graham, the commercial leasing agent for Glenwood Park, their goal is not only to lease to businesses to serve the development, but those which will include the surrounding communities as well. The community has sought a dry cleaner and so that has become a priority. Graham want restaurants, ice cream parlours, day spas, and other amenities that will attract people from all over into Glenwood Park. Glenwood Green Representatives know that they are free riding on Glenwood Park to both
enhance the value of their property and to get amenities for their residents, and the Park folks seem to be okay with this. They are counting on the professionals that live in Green to participate in the community life of Glenwood Park.
That’s where another bet comes in. Glenwood Park won’t be gated. Brewer is trying to integrate it into the fabric of the community. In order to do that, he has to assume that people are willing to spend between $200,000 and $500,000 for a home that will have through traffic. Early sales seem to be going well, but the numbers are small. Glenwood Green sold as quickly as possible, but Brewer has designed his plan to stretch out further. He is selling over 5 years and I would guess that is to measure the demand and keep pace with it.
Ironically, The Post Company, in their Riverside Apartment complex was among the first to use this idea as a planning model. The project seems to have been a success. 2 of 3 residents enjoy living there and the atmosphere seems to be a big part of things. One lesson from the Post experience seems to be that maintenance is vital. Because there will be substantial common spaces, the association and board governing Glenwood park will need to make upkeep a top priority.
Here’s hoping Brewer and his staff are geniuses and this project is going to fly. If they are successful, they will add a lot to Atlanta and to their community. The first Glenwood Park residents will move in around August of this year and all retail development should be complete by fall of 2005. Glenwood Green is already built. In combination, the two communities resemble Celebration Florida. Hopefully, they will provide a strong urbane model and Brewer will continue developing!