A $1.7 billion residential expansion planned for a luxury development southwest of Atlanta is being marketed to older buyers looking to “age in place.”
Developer Steve Nygren, a former Atlanta restaurateur, aims to nearly triple the number of residences at Serenbe, in Chattahoochee Hills, and introduce commercial space, the Atlanta Journal-Constitution reported. Nygren has partnered with JLL to recruit investors.
The Development Authority of Fulton County approved an $11 million tax break in 2023 to support the project.
Nygren is planning 1,100 residential units, plus a hotel, offices, retail, restaurants and civic and educational facilities.
The first phase will include 97 units for older adults, the 110-room Selborne Hotel, an expansion of the private Terra School, and art performance spaces.
The plans also include 235,000 square feet of commercial space, 75,000 square feet of civic space, two school buildings and up to 180 hotel keys. The development will cover 1,532 acres.
A 45,000-square-foot office building is planned near the hotel, though construction will begin only once it is at least 60 percent pre-leased.
Serenbe has attracted high-profile residents and has a focus on nature and wellness. Despite challenges of rising construction costs and economic uncertainty, Serenbe plans to roll out the expansion in phases, with a final completion date between 2029 and 2035.
Aging in place is increasingly prioritized in senior housing developments, with a focus on options that allow seniors to remain in their communities as they age. Developers are recognizing the need for accessible housing that meets the diverse needs of older adults.
—Joel Russell
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