The Kirkwood/ Edgewood Development Site

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T R O L L E Y

L I THE KIRKWOOD / EDGEWOOD N E

T DEVELOPMENT SITE R A I L

MEMORIAL DRIVE

THE KIRKWOOD/ EDGEWOOD

DEVELOPMENT SITE 6.04 ACRES | ATLANTA, GA

Rare Site in Booming Neighborhood with Beltline Connectivity TOUR DATES

• Available Upon Request

Adam Blatt, Broker 404-403-5969 [email protected] OFFERING PROCESS 2870 Peachtree Road Send offers via email to: Suite 516 Atlanta, GA 30305

[email protected]

M E M O R I A L

D R I V E

THE KIRKWOOD / EDGEWOOD

T DEVELOPMENT SITE R O L L E Y L I N E T R A I L THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE INVESTMENT OFFERING DECATUR

Mainland Realty is pleased to present the exclusive listing of the approximately 6-acre Kirkwood/Edgewood development site in eastern Atlanta, DeKalb County, Georgia. This rare and strategically situated plot is highly visible along Memorial Drive in the very desirable Kirkwood/Edgewood neighborhood. The Kirkwood/Edgewood submarket is a thriving and rapidly expanding residential and entertainment district, and represents one of Atlanta’s premier urban investment locations.

KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

Address 1458 Memorial Drive, Atlanta, GA 30317 County DeKalb County Site Size Acres 6.04 Acres Site Size SF 263,102 SF THE KIRKWOOD / EDGEWOOD Number of Parcels 19 DEVELOPMENT SITE L AI TR Developable Acreage 3.2 Acres E IN L EY LL Setbacks 2.84 Acres in Flood Zone O TR Currently Entitled Approximately 102K SF

D) SE PO RO (P 20

INVESTMENT SUMMARY THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE MULTIPLE DEVELOPMENT OPTIONS

DEVELOP THE SITE WITH IN-PLACE ENTITLEMENTS: A MIX OF CHANGE THE ZONING FOR A DIFFERENT SINGLE/MULTIFAMILY SINGLE AND MULTIFAMILY UNITS DEVELOPMENT • The simplest development option is to develop the site in accordance • The developer could modify the site plan while keeping the overall with the Edgewater site plan shown below. density within about 102K SF (subject to current building regulations) • This site plan would accommodate the current zoning ordinance with • Changing the current entitlements would potentially allow the minimal effort required from the developer. developer to build up to 33 single family homes at 3,000 SF or 51 • The site plan calls for approximately 102K buildable SF (subject to townhomes at 2,000 SF (subject to current building regulations an d current building regulations) , consisting of a variety of improvements; loss of square footage per site plan). one loft building, ﬁv e stacked ﬂa ts, 13 town homes, four cottages, six DEVELOP A COMBINATION OF SINGLE/MULTIFAMILY TO RENT duplexes, and 13 courtyard homes.

TOP:942.34 Y • The third option would be to develop (potentially in phases or to sell IE(O):932.06 WM 2 4" S

R 7 ) 5 W C '

R/ P

Y ' INV. EL:932.12 S

H 0 D 0 T 1 .) R E ( VE E ENU N A A , as a preferential combination of the A M individule fee simple units as rentals) V LIT E A PO B IN RO U DB ET F O . M F O .A INV. EL:936.46 E W (F.K R CR EEK UE two other options, with the end goal of renting the appro ximately AVEN NE ODBI WO 102K SF (subj ect to current building regulations)of newly developed product. S CREEK

B W K / • This option would allow the developer to either use the in-place R E 24 E S " C R CH7 LAY R C CH8 entitlements or change the zoning. GA U PATH S CH9 S

Y A CH 6 L C " 4 2 2 CH10 4 " K C E CH 5 L A RE Y DEVELOPMENT CONTROLS ON CURRENT ZONING C CH11 CH 4 /W) (40' R CIRCLE DBINE WOO S 2 CH12 4 " C L A CH 3 C 4 Y C 3

58% MAY BE SAVED CH13 S (2913.7 SF) LOFT BUILDING DUPLEXES CH 2 20' DRIVE20' (PRIVATE) C 2 MAILBOX Y H LA PAT C CH14 4" 2 CH 1 C 1 Height Max 52 Feet Height Max 35 Feet TH TH TH TH TH9 S

LAY 10 11 12 13 8"C 1 TH8 PATH Allowed Units 12 Units Allowed Units 12 Units TH7 D 2 D 3 D 4 D 5 D 6 TH6 D 1 TH5 SF Max 12,000 SF SF Max/Unit 2,400 SF

R/W

Y D

WM H

D H WV WM TH4 WM VAUGHN STREET (40' R/W) TREET) VAUGHN STREET (F.K.A. MIDDLE S TH3 R/W

Proposed Conditions for Edgewater Development: 1. The stream, stream bank, buffer strip, and associated greenspaces shall be restored to a native and functional watershed condition and shall be restored following guidelines endorsed by the State Soil and Water Conservation Commission. Required buffer restoration shall be completed as part of the Site Development phase, prior to the issuance of individual unit Building Permits. TH2 Ownership of the stream buffer shall be transferred to the Home Owner's Association (HOA) for this project as soon as the HOA becomes effective. An escrow account shall be maintained by the HOA for the purpose of long term maintenance and upkeep of this stream buffer and path. 2. Fenestration shall be provided for a minimum of 25 percent of the length of rear and side yard facing building façades at the first and second floors. STACKED FLATS COTTAGES All muntin bars shall be true divided light or fully laminated to all glazing on the exterior of the glazing. 3. Street lights shall be provided per the MR district zoning conditions. TH1 All lighting including all parking decks and lots and lit canopies shall reduce light spillage onto residentially used properties by providing cutoff luminaries which have a maximum 90 degree illumination. All lighting that up-lights trees, buildings or other elements, shall be located a minimum height of eight feet above the sidewalk, driveway or pedestrian area when not located within completely landscaped areas. Back of adjacent house SF5 4. Solid fencing or walled enclosures shall obstruct any dumpsters from public view from the street. 5. While the styles of the different houses will vary, the overall level of quality will be consistent and similar across all unit types. Height Max 52 Feet Height Max 28 Feet The quality of exterior materials and architectural detailing shall be consistent and similar across all facades of each unit in this development.

6. The use of vinyl siding is prohibited. No exposed concrete will be permitted at foundations or retaining walls. Any such concrete must be covered by masonry. SF4

7. Bicycle parking shall be provided to meet the MR zoning requirements. N

8. All sidewalk paving materials shall be continued across any intervening driveway at the same prevailing grade and cross slope as on the adjacent sidewalk clear zone. Driveways shall have a band of textured concrete adjacent to the street which is in-line with and equal in width to the street furniture zone and shall have a textured band of concrete adjacent to the sidewalk which is in-line with the supplemental zone and a minimum width of five feet from the sidewalk. The main entrance to the project shall have the minimum curb cut width allowed by the Traffic and Transportation Department. SF3 Left turn onto Memorial Drive or into development from Memorial Drive shall be prohibited.

9. Street trees are required and shall be planted in the ground a maximum of 30 feet on center within the street furniture and tree planting zone and spaced equal distance between street lights. Allowed Units 10 Units Allowed Units 5 Units 20' DRIVE20' (PRIVATE) All newly planted trees shall be a minimum of three inches in caliper measured 36 inches above ground, shall be a minimum of 12 feet in height, shall have a minimum mature height of 40 feet, and shall be limbed up to a minimum height of seven feet. Trees shall have a minimum planting area of 32 square feet. All plantings, planting replacement and planting removal shall be approved by the 0'-5 5/8" 10 WOOD 6' FENCE city arborist. The area between required plantings shall either be planted with evergreen ground cover such as mondo grass or liriope spicata or shall be paved as approved by the director of planning. SF2

10. Vaughn Street and Woodbine Ave. shall conform to the MR district streetscape requirements. The sidewalk along Woodbine Ave. will be built during construction upon aproval of a stream buffer variance submited by the District (5) Five council member. UE VEN E A END OF ZONING CONDITIONS BIN OD LOFT BUIDING - 9222 SF C1 - 1281 SF DENSITY DESIGNATIONS SF1 WO C2 - 1356 SF SF1 - 1741 SF C3 - 1425 SF SINGLE FAMILY SF2 - 1725 SF C4 - 1273 SF 126,000SF/9,000SF PER UNIT = 14 UNITS SF Max/Unit 1,500 SF SF Max 1,200 SF SF3 - 1712 SF 5'-0" SF4 - 1697 SF D1 - 5763 SF LD-R (LOW DENSITY RES) SF5 - 1681 SF D2 - 5141 SF LA = 76,138 SF CC D3 - 3683 SF FAR = .348 TH1 - 1666 SF D4 - 5675 SF ALLOWED FA = 26,496 SF VAUGHN STREET TH2 - 1651 SF D5 - 3692 SF ACTUAL FA = 26,496 SF TOSR = .73 TH3 - 1628 SF D6 - 3595 SF 5'-0" TH4 - 1554 SF ALLOWED TOS = 55,581 SF 5'-0" TH5 - 1516 SF CH1 - 2755 SF ACTUAL TOS = 62,290 SF 12 spaces TH6 - 1546 SF CH2 - 2131 SF UOSR = .45 TH7 - 1310 SF ALLOWED UOS = 34,262 SF CH3 - 2243 SF MORELANDAVENUE TH8 - 1305 SF CH4 - 2432 SF ACTUAL UOS = 38,978 SF MEMORIAL DRIVE TH9 - 1302 SF CH5 - 2342 SF TH10 - 1125 SF CH6 - 2951 SF MD-R (MEDIUM DENSITY RES) TH11 - 1125 SF CH7 - 3695 SF LA = 53,530 SF H D VICINITY MAP TH12 - 1125 SF CH8 - 2601 SF FAR = .800 TH13 - 1125 SF CH9 - 2081 SF ALLOWED FA = 42,824 SF CH10 - 2094 SF ACTUAL FA = 42,594 SF CH11 - 2204 SF TOSR = .68 CH12 - 2243 SF ALLOWED TOS = 36,400 SF CH13 - 2547 SF ACTUAL TOS = 56,431 SF CH14 - 3349 SF UOSR = .4 TOWNHOMES SINGLE FAMILY ALLOWED UOS = 21,412 SF ACTUAL UOS = 21,503 SF 12 UNIT PRODUCT TYPES: COURTYARD HOME - 14 20'-0" COTTAGE - 5 BUILDING DUPLEX - 6 (12 UNITS) TOWN HOUSE - 12 STACK FLAT - 5 (10 UNITS) LOFT BUILDING - 1 (12 UNITS) KEY TO CONFORM TO MR Height Max 35 Feet Height Max 35 Feet R/W DISTRICT REQUIREMENTS

TYPICAL SETBACKS BY TYPE SF - STACKED FLATS WV

3'-0" TH - TOWNHOUSE 3'-0" 5'-0" 3'-0" MEMORIAL DRIVE D - DUPLEX MEMORIAL DRIVE (R/W VARIES) C - COTTAGE (F.K.A. FAIR STREET) 3'-0" WV 5'-0" 3'-0" 3'-0" 5'-0" CH - COURTYARD HOME SF5 Allowed Units 13 Units Allowed Units 12 Units CH9 D 2 TH1 3'-0" C 3 I hearbyR/W certify that i am familiar with the Zoning R/W ordinance of the City of Atlanta, as amended. I further certify that to the best of my knowledge 0 10 20 30 40 50 100 200 3'-0" and ability, these plans are accurate and comply 5'-0" 4'-0" 5'-0" with the district and general regulations of the SF Max/Unit 2,200 SF SF Max 2,800 SF Zoning Ordinance of the City of Atlanta.

THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

EAST ATLANTA’S CHANGING LANDSCAPE

PLANNED AND UNDERWAY: HIGH-PROFILE PROJECTS MEMORIAL DRIVE CORRIDOR MAJOR PROJECTS TRANSFORMING MEMORIAL DRIVE Atlanta Dairies >> Mixed-Use City Center With more than two dozen projects planned and underway, the Modeled After Krog Street Market Memorial Drive landscape is being reshaped. The corridor is • Paces Properties to redevelop former dairy co-op into a multi-use city center modeled expected to experience a revitalization of transformative scale after Krog Street Market, budgeted at $125M similar to Atlanta’s Old Fourth Ward.

Leggett and Platt >> Multi-Use Complex MEMORIAL DRIVE’S EXTREME MAKEOVER: ATLANTA’S NEXT • BeltLine-adjacent, 17.5-acre site to include: OLD FOURTH WARD 607 units, Sprouts Organic Grocer, - ATLANTA BELTLINE - CineBistro movie theater, tech offices, and • Old Fourth Ward (O4W), Atlanta’s oldest neighborhood, commanded restaurants

$1.20 PSF rents just four years ago. - ATLANTA BELTLINE -

• Today, O4W’s ever-increasing rents are $2+ PSF, catapulted by the Habitat for Humanity HQ >> Larkin on entrance of Ponce City Market, and the Atlanta BeltLine. Inman Park Memorial Multi-Use experienced equal success with the entrance of Krog Street Market. • $18M redevelopment with 63K SF of retail • Just southwest of O4W and Inman Park, Memorial Drive is exhibiting space; restaurants will include Taqueria del the early stages of a similar transformation story, rapidly emerging as Sol and Ramen Station Atlanta’s hottest new development district. High School Site >> WonderRoot Arts Center OFW’S PONCE CITY MARKET TRANSFORMATION • Local Reynoldstown arts organization will move across Memorial into a building 14 times larger than its current home • It will include 45 art studios, performance space, recording studio, and a restaurant

Connector Renovation & Linear Park Before - 2011 After - 2014 • Civic planners want to pour a concrete slab over the interstate and top it with grass; the $125M project also includes plans for a linear park “After our success with Krog Street Market, we purchased the Atlanta Dairies property in December of 2014 and looked to spearhead Glenwood Place another urban renewal project that focused more • 175K SF of retail anchored by a 118K SF Kroger, and includes Starbucks, Chipotle, on live music and entertainment.” and Chick-fil-A - David Cochran, Paces Properties

THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

TRUE URBAN INVESTMENT CORRIDOR

1. Ponce City Market Atlanta Dairies Redevelopment 11. 841 Memorial Krog Street Market • 2M SF adaptive reuse project • $11M multifamily • Historic Sears & Roebuck building redeveloped into mixed use with retail, • 75 luxury units office, and residential • In 2014, Travel + Leisure ranked Ponce 12. Leggett and Platt Site City Market as one of the “The World’s • 17.5-acre site Coolest New Tourist Attractions” • $300M development 2. Inman Quarter • CineBistro movie theater • Sprouts Organic Grocer • $45M mixed-use project • 39K SF retail 13. King Memorial MARTA Station & • Includes Ford Fry, Bartaco, MF Sushi TOD at King MARTA Station • $60M proposed development 3. Krog Street Market 6. Atlanta Dairies Redevelopment • 400 multifamily units • Redeveloped warehouse from 1920’s • Expected to begin construction in • 30K SF • Set to deliver late 2017 2017 16. Station R Atlanta • Delivered late 2014 • $125M redevelopment • 285 multifamily units • Specialty market (retail/restaurants) • 125K SF mixed use 14. Fairﬁeld Residential Dev. • 300 multifamily units • Under construction set to deliver the • Delivered late 2016 4. Edgewood Retail • Specialty retail/restaurants including first quarter of 2018 • 16K SF retail • 550K SF Thrive Farmers Coffee • 325 multifamily units • Target, Home Depot, Best Buy, Kroger, 17. Apartments to be Redeveloped 7. Glenwood Place Bed, Bath & Beyond, Ross, Barnes & 15. The Spoke • Sold in 2016 Noble, and Office Depot • 175K SF retail • $40M multifamily under construction • 112 Units • Anchored by 118K SF Kroger • 425 multifamily units 5. Memorial Dr. Restaurant Cluster • Starbucks, Chipotle, and Chick-fil-A • Will include retail, restaurants, and a 18. Atlantic Shopping Center • Six Feet Under, Tin Lizzy’s, Octane, performing arts center • Proposed adaptive reuse of 110K SF Doc Chey’s 8. Glenwood park retail by Paces Properties • 28-acre site The Spoke Ponce City Market • Over 194 households 19. Larkin On Memorial • Over 17 unique businesses retail/office • $18M mixed use redevelopment • The Shed, Gunshow, Vickery’s • 63K SF retail Restaurants • Restaurants include Taqueria del Sol & Ramen Station 9. East Atlanta Village 20. Little Five Points • Cluster of bars and restaurants • Shopping/restaurant district 10. MODA R-Town • Ranked #16 of America’s Best Hipster Neighborhoods by Forbes Magazine • Multifamily project under construction • Vortex Burgers, The Porter Beer Bar, • 46 townhomes Savage Pizza, Tijuana Garage Taqueria • 20 flats & Cantina

INVESTMENT SUMMARY THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

85 78

MIDTOWN DOWNTOWN 1 (100K JOBS) DECATUR CANDLER PARK

UP TO $1M+ 20 SINGLE FAMILY 2 HOME VALUES INMAN 15 EDGEWOOD DOWNTOWN PARK 4 UP TO $600K+ (85K JOBS) 16 SINGLE FAMILY UP TO $515K+ HOME VALUES 3 SINGLE FAMILY 10 HOME VALUES UP TO $700K+ REYNOLDSTOWN KIRKWOOD SINGLE FAMILY 13 OAKLAND HOME VALUES 14 CEMETERY 154 18 19 11 12 17 6 5 EAST LAKE 7 8 9 GLENWOOD THE KIRKWOOD / EDGDEWOOD PARK DEVELOPMENT SITE GRANT EAST PARK ATLANTA TROLLEY LINE TRAIL CURRENT TRAIL PLANNED

BELTINE EASTSIDE TRAIL CURRENT TRAIL UNDER CONSTRUCTION 260 PLANNED

THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

MEMORIAL DRIVE HOME VALUES BOOM

EMBEDDED AMONG HIGH-RENT NEIGHBORHOODS Inman Park East Atlanta’s close-in location is sandwiched between downtown Atlanta and the City of Decatur, encompassing popular and historic, high-value single-family neighborhoods including Grant Park ($350K-600K), Inman Park ($500-1M+), and Old Fourth Ward ($400K-1M+).

Homes in these neighborhoods have traditionally been at the upper end of Atlanta’s housing prices. In addition, the past decade has seen infill Atlanta BeltLine / Historic Fourth Ward Park development of higher end “cluster-style” homes such as Glenwood Park ($400K+ townhomes), and new upscale apartment projects driven by an influx of urban-living seeking millennials.

EAST ATLANTA’S NEIGHBORHOOD RENT TRENDS

¢ Mainstream, highest rents ¢ Trendy, rapidly rising rents ¢ Up-and-coming, next to grow rents VIRGINIA- HIGHLANDS ¢ Primarily single-family homes MIDTOWN ¢ Not East Atlanta

PONCEY- Grant Park Inman Park HIGHLAND OLD CANDLER PARK 75/85 FOURTH WARD INMAN PARK DOWNTOWN EDGEWOOD 1 KIRKWOOD 2 3 Memorial Drive Glenwood GLENWOOD EAST GRANT PARK ATLANTA VILLAGE

ORMEWOOD

1. SWEET AUBURN 2. CABBAGETOWN 3. REYNOLDSTOWN

INVESTMENT SUMMARY THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

MEMORIAL DRIVE HOME PRICES TAKING OFF East Atlanta’s close-in location is sandwiched between downtown Atlanta and the city of Decatur, encompassing popular and historic, high- value single-family neighborhoods including Grant Park ($350K-600K), Inman Park ($500-1M+), and Old Fourth Ward ($400K-1M+).

Homes in these neighborhoods have traditionally been at the upper end of Atlanta’s housing prices. In addition, the past decade has seen infill development of higher end “cluster-style” homes such as Glenwood Park ($400K+ townhomes), and new upscale apartment projects driven by an influx of urban-living seeking millennials. Edgewood

GROWTH IN HOME PRICING Kirkwood Reynoldstown $390,000

$340,000

$290,000

$240,000 East Atlanta $190,000

$140,000 Median Home Prices $90,000

$40,000 2012 2014 2016

Kirkwood Edgewood East Atlanta Reyndolstown *Source: Trulia

KIRKWOOD EDGEWOOD EAST ATLANTA REYNOLDSTOWN 143% 329% 92% 136% Price Increase since 2012 Price Increase since 2012 Price Increase since 2012 Price Increase since 2012

THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

PREMIER EASTSIDE CONNECTIVITY

ATLANTA BELTLINE — REVITALIZED PATHWAYS The BeltLine’s Eastside Trail, the most popular stretch along its 22-mile route, is a social and recreational magnet that has cultivated development projects in Trolley Line Trail Extensioon surrounding neighborhoods. With $1B+ invested since 2005, the BeltLine’s dynamic echoing effect will sustain growth for decades.

REMAINDER OF BELTLINE EASTSIDE TRAIL APPROVED FOR CONSTRUCTION

Construction is underway to extend the BeltLine’s Eastside Trail from Krog Street Market to Kirkwood Avenue by Summer 2017; and planning is underway to extend the trail south of Memorial Drive. A key indicator of the expansions’ success: Class A rents in East Atlanta grew 10.4% year-over-year 2013-2014 immediately following the BeltLine’s opening.

IMMEDIATELY ADJACENT TROLLEY LINE TRAIL • Planning is currently underway to extend the Trolley Line Trail East and connect it to Eastside BeltLine Trail • When completed, the Trolley Line Trail will run adjacent to the site on Woodbine Avenue, connecting the site directly to the BeltLine

• Redevelopment of Kirkwood streetcar route Beltline’s Eastside Trail • Seven Miles of the Trolley Line Trail is currently built to the east of the site

“The BeltLine focused on mobility of people in a way that’s different — mass transit serving multiple needs versus singular transit with automobiles.” - Catherine Ross, Center for Quality Growth and Regional Development, Georgia Tech

10.4% Class A Rent Growth Y-o-Y (in East Atlanta submarket following opening of BeltLine)

THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

EAST ATLANTA’S APARTMENT MARKET FAVORABLE COMPARABLE SALES

EAST ATLANTA’S RENT GROWTH SURGE NEW DEVELOPMENT ADDING VALUE While rents throughout metro Atlanta have increased, those in Within just one-mile of the site, new single family homes have sold East Atlanta have especially experienced gains due to the area’s for up to $825K, new townhomes have sold for up to $764K, and increasing popularity. This growth is particularly evident when undeveloped land has sold for up to $1.63M per acre. compared to rent growth in Atlanta’s Class A submarkets of The market for residential housing will continue to improve as new Buckhead, Midtown, and Perimeter Center. development reaches completion. The extension of the Trolley Line Trail will also add a new element of connectivity to the area. Since 2013’s entrance of the BeltLine, East Atlanta has exploded in demand, catapulting rents to new heights and making way for Class A development unseen in the area prior to the BeltLine. $1.2M $1.59 Average price per Average effective rent per THREE-MILE RADIUS CLASS A RENT GROWTH acre of comparable SF on new multifamily land sales sites on Memorial Drive $1,700 34% $1,600 Rent growth NEARBY HOMES SELLING FOR OVER $750K IN 2016 $1,500 since 2013

$1,400

$1,300 Average Effective Rent

$1,200 $1,307 $1,635 $1,651 $1,668 $1,735 $1,744 $1,314 $1,322 $1,341 $1,408 $1,475 $1,549 $1,627 $1,701 $1,100 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

ATLANTA SUBMARKET CLASS A RENT GROWTH Q1 2013 - Q4 2016

40% 34.0% 31.0% 30.0% 30%

20%

3-Year Rent Growth 10% 4.1%

0% 3-Mile radius Buckhead Midtown Perimeter Center

INVESTMENT SUMMARY THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

DOWNTOWN ATLANTA MIDTOWN ATLANTA 100K+ JOBS 100K+ JOBS

LITTLE FIVE POINTS PONCE CITY MARKET 2.1M SF MIXED-USE DEVELOPMENT OF RETAIL, RESTAURANTS, OFFICE AND RESIDENTIAL DEKALB A VENUE’S M 2.5 MILES FROM PROPERTY ARTA RAIL LINE

EDGEWOOD RETAIL DISTRICT MORELAND AVENUE 41 BOUTIQUE & SPECIALTY SHOPS AND MIXED-USE DEVELOPMENT: TARGET, HOME DEPOT, OFFICE DEPOT, BARNES & NOBLE, LOWES, TR OLL BED, BATH & BEYOND EY LINE TRA IL (P ROP OSE D) THE KIRKWOOD / EDGEWOOD DEVELOPMENT SITE

KIRKWOOD $420K-$950K HOME PRICES MEMORIAL DRIVE

TR OLLE Y LINE TRAIL

20 WALKER PARK ATLANTIC SHOPPING CENTER TO BE REDEVLOPED BY PACES PROPERTIES

RETAIL POINTS OF INTEREST

INVESTMENT SUMMARY THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

PROPERTY SUMMARY

AVAILABLE LAND SITE City Atlanta, GA County DeKalb County Parcel ID 19 Parcels Totaling 6.04 Acres Site Acreage 6.04 Acres 15 Parcels for Medium-Density Residential (4.7 Acres) One Parcel for Single-Family Residential (0.4 Acres) Future Land Use One Parcel for Low-Density Commercial (0.2 Acres) Two Parcels for High-Density Residential (0.3 Acres) Current Use Undeveloped Land 18 Parcels - PD-H (5.61 Acres) Zoning One Parcel - R-4A (0.43 Acres) Address 1458 Memorial Drive, Atlanta, GA 30317 20

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KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

PARCEL DETAIL PARCEL # SF ACRES ZONING 15-208-02-134 9,171 0.21 PD-H 15-208-02-133 13,559 0.32 PD-H 15-208-02-132 19,392 0.43 PD-H 15-208-02-124 7,883 0.21 PD-H 15-208-02-125 7,883 0.21 PD-H 15-208-02-126 8,198 0.21 PD-H 15-208-02-127 22,827 0.54 PD-H 15-208-02-128 24,078 0.54 PD-H 15-208-02-129 25,329 0.54 PD-H 15-208-02-130 27,205 0.64 PD-H 15-208-02-131 8,764 0.21 PD-H 15-207-03-172 20,145 0.43 PD-H 15-207-03-054 19,130 0.43 R-4A 15-207-03-055 10,358 0.18 PD-H 15-207-03-165 7,648 0.18 PD-H 15-208-02-142 7,883 0.18 PD-H 15-208-02-143 7,883 0.18 PD-H 15-208-02-171 7,883 0.18 PD-H 15-208-02-170 7,883 0.18 PD-H TOTAL 263,102 6.04

*The unimproved right of way has been abandoned by the city and is included in the investment offerring

INVESTMENTPROPERTY DESCRIPTION SUMMARY THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

C L IE(O):934.32 WM DI A TOP:942.71 Y DI TOP:942.26 CB 2 1 TOP:943.38 PROPOSED SITE PLAN 4 IE(O):932.06 CB 8 " " IE(O):934.32

R TOP:943.35 C DI CP CB LA TOP:942.34 TOP:942.26 Y IE(O):932.06 WM 2 IMPROVEMENT BUILDABLE SF UNITS 4" S

R 7 ) 5 W C '

R/ P

Y ' INV. EL:932.12 S

H 0 D T 10 R E ( VE.) E NU N A A Loft Building 9,222 12 E A M V LIT E A PO B IN RO U B ET F OD M F O .A. E W F.K INV. EL:936.46 R ( C RE Stack Flat 1 1,741 2 EK UE AVEN Stack Flat 2 1,725 2 NE ODBI WO Stack Flat 3 1,712 2 S CREEK Stack Flat 4 1,697 2

B W K R/ E Stack Flat 5 1,681 2 2 E S 4" CH7 CLA R Y Town House 1 1,666 1 R C CH8

GA TH Town House 2 1,651 1 U PA S CH9 S Town House 3 1,628 1 Y A CH 6 L C " 4 2 2 CH10 4 " Town House 4 1,554 1 K C E CH 5 L A RE Y C CH11 Town House 5 1,516 1 CH 4 /W) (40' R CIRCLE DBINE WOO S 2 CH12 4 Town House 6 1,546 1 " C L A CH 3 C 4 Y C 3 Town House 7 1,310 1

58% MAY BE SAVED CH13 S (2913.7 SF) CH 2 Town House 8 1,305 1 20' DRIVE20' (PRIVATE) C 2 MAILBOX Y H LA PAT C CH14 Town House 9 1,302 1 4" 2 CH 1 C 1 Town House 10 1,125 1 TH TH TH TH TH9 S

LAY 10 11 12 13 Town House 11 1,125 1 8"C 1 TH8 PATH Town House 12 1,125 1 TH7 Town House 13 1,125 1 D 2 D 3 D 4 D 5 D 6 TH6 D 1 Cottage 1 1,281 1 TH5

R/W

Y Cottage 2 1,356 1 D

WM H

D H WV WM TH4 WM Cottage 3 1,425 1 VAUGHN STREET (40' R/W) TREET) VAUGHN STREET (F.K.A. MIDDLE S TH3 Cottage 4 1,273 1 R/W

2. Fenestration shall be provided for a minimum of 25 percent of the length of rear and side yard facing building façades at the first and second floors. All muntin bars shall be true divided light or fully laminated to all glazing on the exterior of the glazing. Duplex 2 5,141 2 3. Street lights shall be provided per the MR district zoning conditions. TH1 All lighting including all parking decks and lots and lit canopies shall reduce light spillage onto residentially used properties by providing cutoff luminaries which have a maximum 90 degree illumination. All lighting that up-lights trees, buildings or other elements, shall be located a minimum height of eight feet above the sidewalk, driveway or pedestrian area when not located within completely landscaped areas. Duplex 3 3,683 2 Back of adjacent house SF5 4. Solid fencing or walled enclosures shall obstruct any dumpsters from public view from the street.

5. While the styles of the different houses will vary, the overall level of quality will be consistent and similar across all unit types. The quality of exterior materials and architectural detailing shall be consistent and similar across all facades of each unit in this development. Duplex 4 5,675 2

6. The use of vinyl siding is prohibited. No exposed concrete will be permitted at foundations or retaining walls. Any such concrete must be covered by masonry. SF4

7. Bicycle parking shall be provided to meet the MR zoning requirements. N Duplex 5 3,692 2 8. All sidewalk paving materials shall be continued across any intervening driveway at the same prevailing grade and cross slope as on the adjacent sidewalk clear zone. Driveways shall have a band of textured concrete adjacent to the street which is in-line with and equal in width to the street furniture zone and shall have a textured band of concrete adjacent to the sidewalk which is in-line with the supplemental zone and a minimum width of five feet from the sidewalk. The main entrance to the project shall have the minimum curb cut width allowed by the Traffic and Transportation Department. SF3 Left turn onto Memorial Drive or into development from Memorial Drive shall be prohibited. Duplex 6 3,595 2 9. Street trees are required and shall be planted in the ground a maximum of 30 feet on center within the street furniture and tree planting zone and spaced equal distance between street lights. 20' DRIVE20' (PRIVATE) All newly planted trees shall be a minimum of three inches in caliper measured 36 inches above ground, shall be a minimum of 12 feet in height, shall have a minimum mature height of 40 feet, and shall be limbed up to a minimum height of seven feet. Trees shall have a minimum planting area of 32 square feet. All plantings, planting replacement and planting removal shall be approved by the 0'-5 5/8" 10 WOOD 6' FENCE city arborist. The area between required plantings shall either be planted with evergreen ground cover such as mondo grass or liriope spicata or shall be paved as approved by the director of planning. SF2 Courtyard Home 1 2,755 1

10. Vaughn Street and Woodbine Ave. shall conform to the MR district streetscape requirements. The sidewalk along Woodbine Ave. will be built during construction upon aproval of a stream buffer variance submited by the District (5) Five council member. UE VEN E A END OF ZONING CONDITIONS BIN OD Courtyard Home 2 2,131 1 LOFT BUIDING - 9222 SF C1 - 1281 SF DENSITY DESIGNATIONS SF1 WO C2 - 1356 SF SF1 - 1741 SF C3 - 1425 SF SINGLE FAMILY SF2 - 1725 SF C4 - 1273 SF 126,000SF/9,000SF PER UNIT = 14 UNITS SF3 - 1712 SF 5'-0" LD-R (LOW DENSITY RES) Courtyard Home 3 2,243 1 SF4 - 1697 SF D1 - 5763 SF SF5 - 1681 SF D2 - 5141 SF LA = 76,138 SF CC D3 - 3683 SF FAR = .348 TH1 - 1666 SF D4 - 5675 SF ALLOWED FA = 26,496 SF VAUGHN STREET TH2 - 1651 SF D5 - 3692 SF ACTUAL FA = 26,496 SF TOSR = .73 TH3 - 1628 SF D6 - 3595 SF 5'-0" Courtyard Home 4 2,432 1 TH4 - 1554 SF ALLOWED TOS = 55,581 SF 5'-0" TH5 - 1516 SF CH1 - 2755 SF ACTUAL TOS = 62,290 SF 12 spaces TH6 - 1546 SF CH2 - 2131 SF UOSR = .45 TH7 - 1310 SF ALLOWED UOS = 34,262 SF CH3 - 2243 SF MORELANDAVENUE TH8 - 1305 SF CH4 - 2432 SF ACTUAL UOS = 38,978 SF MEMORIAL DRIVE TH9 - 1302 SF CH5 - 2342 SF Courtyard Home 5 2,951 1 TH10 - 1125 SF CH6 - 2951 SF MD-R (MEDIUM DENSITY RES) TH11 - 1125 SF CH7 - 3695 SF LA = 53,530 SF H D VICINITY MAP TH12 - 1125 SF CH8 - 2601 SF FAR = .800 TH13 - 1125 SF CH9 - 2081 SF ALLOWED FA = 42,824 SF CH10 - 2094 SF ACTUAL FA = 42,594 SF TOSR = .68 Courtyard Home 6 3,695 1 CH11 - 2204 SF CH12 - 2243 SF ALLOWED TOS = 36,400 SF CH13 - 2547 SF ACTUAL TOS = 56,431 SF CH14 - 3349 SF UOSR = .4 ALLOWED UOS = 21,412 SF ACTUAL UOS = 21,503 SF 12 UNIT Courtyard Home 7 2,601 1 PRODUCT TYPES: COURTYARD HOME - 14 20'-0" COTTAGE - 5 BUILDING DUPLEX - 6 (12 UNITS) TOWN HOUSE - 12 Courtyard Home 8 2,081 1 STACK FLAT - 5 (10 UNITS) LOFT BUILDING - 1 (12 UNITS) KEY TO CONFORM TO MR R/W DISTRICT REQUIREMENTS Courtyard Home 9 2,094 1 TYPICAL SETBACKS BY TYPE SF - STACKED FLATS WV

3'-0" TH - TOWNHOUSE 3'-0" 5'-0" 3'-0" MEMORIAL DRIVE D - DUPLEX Courtyard Home 10 2,204 1 MEMORIAL DRIVE (R/W VARIES) C - COTTAGE (F.K.A. FAIR STREET) 3'-0" WV 5'-0" 3'-0" 3'-0" 5'-0" CH - COURTYARD HOME

SF5 Courtyard Home 11 2,243 1 CH9 D 2 TH1 3'-0" C 3 I hearbyR/W certify that i am familiar with the Zoning Courtyard Home 12 2,547 1 R/W ordinance of the City of Atlanta, as amended. I further certify that to the best of my knowledge 0 10 20 30 40 50 100 200 3'-0" and ability, these plans are accurate and comply Courtyard Home 13 3,349 1 5'-0" 4'-0" 5'-0" with the district and general regulations of the Zoning Ordinance of the City of Atlanta. TOTAL 101,966 64

NOT RELEASED FOR CONSTRUCTION LL LL

KIRKWOOD/EDGEWOOD DEVELOPMENT SITE RAPID POPULATION GROWTH CONTINUES Long reputed for its rapid growth, the 10-county Atlanta regional population reached 4,401,800 in 2016, up from 4,332,600 in 2015 and representing the largest single-year increase since 2007-2008.

The region has added an average of 71,000 new residents annually since 1990. Gwinnett County led the past year’s growth with 17,300 new residents. The city of Atlanta, too, has experienced impressive growth. Fueled by a boom in multifamily housing, the city added 7,900 new residents between 2015 and 2016, its largest single-year increase since 2007-2008.

INFRASTRUCTURE IMPROVEMENTS ranging urban redevelopment and mobility projects currently underway in the United States. This sustainable project is linking a network of public METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY (MARTA) parks, multi-use trails and transit by reusing 22 miles of historic railroad Atlanta’s rapid economic and population growth has generated corridors encircling downtown and interconnecting 45 neighborhoods. investments in infrastructure. Three proposed MARTA expansion projects The BeltLine will add light rail transit that will connect with MARTA and — Clifton Corridor, I-20 East, and GA 400 — could infuse $5.2B into the the new Peachtree Streetcar. New multi-use trails will follow the 22-mile region’s overall economy. The transit expansions may also equate to transit loop, and 11 miles of additional trails will extend into surrounding 45,000 new jobs and $116M in additional annual wages by 2040. neighborhoods.

THE ATLANTA BELTLINE Conceived by a Georgia Tech graduate student, the BeltLine is creating a new framework for sustainable growth in the region and revitalizing The Atlanta BeltLine is the most comprehensive revitalization effort ever under-performing areas of the city. The BeltLine has already significantly undertaken in the city of Atlanta and among the largest, most wide- increased values of real estate parcels along its path.

INVESTMENTLOCATION OVERVIEW SUMMARY KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

EAST ATLANTA: ON THE PATH OF PROGRESS

Urban Atlanta’s revitalization reflects clearly in East Atlanta, the owntownd area immediately east of the city’s business district along the north and south sides of I-20. This central location, along the Atlanta BeltLine, is proximate to Hartsfield-Jackson Atlanta International Airport and surrounding neighborhoods: Inman Park, Castleberry Hills, East Lake, Oakhurt, and Reynoldstown, among others.

Following decades of focused reinvestment that continues today, East golf course has hosted many golf tournaments, including the 1950 U.S. Atlanta has been attracting trend-setting urban pioneers since the 1970s Women’s Amateur, 1963 Ryder Cup and 2001 U.S. Men’s Amateur, and is and now appeals to the masses, particularly Atlanta’s young professionals. now the permanent home of the TOUR Championship by Coca-Cola, the The historically-rich area has become a booming residential and culminating event of the PGA TOUR Playoffs for the FedEx Cup. entertainment district often compared to New York’s Greenwich Village. Referred to by Creative Loafing as “the epitome of cool,” TheNew York EAST ATLANTA VILLAGE Times hails East Atlanta as a hip destination “reaching the crest in what has been a steadily rising wave of cool.” The Washington Post calls East Atlanta Village the “best kept secret in Atlanta,” only this eclectic community’s rising popularity is no longer a East Atlanta’s ongoing developed is further sustained by the Atlanta secret. BeltLine and subsequent streetcar project, which will attract yet more visitors and residents to the area. Filled with a varied blend of boutique shops, quaint residential streets, exceptional restaurants and lively entertainment venues, East Atlanta Village epitomizes diversity and exudes neighborhood charm. The family- EAST LAKE GOLF CLUB friendly district’s uncongested roads allow easy connection to Grant Park, East Lake Golf Club, the oldest golf course in the city of Atlanta, is the Zoo Atlanta, and East Lake YMCA, as well as to the numerous attractions home course of legendary golfer Bobby Jones. Over the years, the in and around downtown Atlanta.

EAST LAKE GOLF CLUB

INVESTMENTLOCATION OVERVIEW SUMMARY THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE THRIVING DEVELOPMENT CREATES NEW URBANISM GLENWOOD PARK

FUQUA DEVELOPMENT

Veteran developer Jeff Fuqua intends to build a new retail development near Glenwood Park in East Atlanta. The project, just south of I-20 and west of Bill Kennedy Way, will resemble Fuqua’s Edgewood Retail District and feature 200,000 SF of retail with a 144,000 SF anchor, expected to be Walmart. The 10-acre property is ideally situated along the BeltLine’s proposed streetcar line — the parcel’s eastern edge abuts the BeltLine’s 22-mile greenspace, parks and trail loops — and will include additional inline retail as well as two outparcel pads.

EDGEWOOD RETAIL DISTRICT

Edgewood Retail District, located approximately two miles from downtown Atlanta, is a 531,287 SF mixed-use development anchored by Lowe’s Home Improvement, Target, and Kroger. The district is comprised of large format retailers, restaurants, street-level small shops, second–floor retail/office space, as well as residential condominiums.

EDGEWOOD RETAIL DISTRICT GLENWOOD PARK

The first master-planned development in East Atlanta, Glenwood Park features single-family homes, townhouses, condominium residences, retail shops and office space. Glenwood Park’s founding principles emphasize walkability, community, and environmental awareness. The development’s versatile streetscapes were patterned after the dynamic shopping streets in Athens, GA, intimate residential streets in Charleston, SC and New York City’s classic café-lined sidewalks.

THE PRESERVE EAST ATLANTA

The Preserve, just off Flat Shoals Road and Brannen Road, is the area’s first “Conservation-Zoned” neighborhood, and features sidewalk- and streetlight-lined cul-de-sac streets with no cut-through traffic. Four access points throughout the development lead to more than 18-acres of greenspace. The Preserve’s location gives residents convenient access to the array of local recreational facilities, shopping, dining, and business districts in East Atlanta Village, Oakhurst Village, the new Edgewood Retail District, and Decatur Square.

THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

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RENT COMPARABLES- NEW CONSTRUCTION APARTMENTS PROPERTY # UNITS YEAR BUILT BEDROOMS AVG. SF EFF. RENT* EFF. RENT/SF Kirkwood/Edgewood Development Site N/A N/A N/A N/A N/A N/A 1 Spoke Luxury Apartments 212 2018 2 985 $1,905 $1.93 2 Alexan EAV 120 2016 2 1175 $1,775 $1.51 3 The Element 176 2016 1 700 $1,099 $1.57 4 Station R 295 2016 1 825 $1,719 $2.08 5 Inman Quarter 200 2014 2 1228 $2,600 $2.12 6 Post Centennial 474 2018 1 650 $1,900 $2.92 7 Alexan EAV 120 2016 2 1150 $1,995 $1.73 8 Glenwood East 236 2008 2 1215 $1,838 $1.51 9 The Kirkwood 266 2018 1 832 $1,475 $1.77 TOTAL / AVG 233 2017 1.5 898 $1,416 $1.90

KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

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RECENTLY SOLD SINGLE FAMILY HOMES PROPERTY BEDS/BATHS YEAR BUILT SQUARE FOOTAGE SALE DATE SALE PRICE PRICE PER SF Kirkwood/Edgewood Dev. Site N/A N/A N/A N/A N/A N/A 1 87 Kenyon Street 4/3.5 2018 2,738 4/27/2018 $750,000 $274 2 214 Locust Street 4/4 2017 2,850 2/23/2018 $660,000 $232 3 2870 Alexa Avenue SE 4/3 2018 2,840 6/04/2018 $639,000 $225 4 1984 Dunwoody St 4/3.5 2008 2,704 4/20/2017 $645,000 $239 5 1635 Stanwood Avenue 4/3 2016 2,926 4/04/2017 $640,000 $219 6 1393 Newton Avenue 4/4.5 2017 2,550 12/15/2017 $635,000 $249 7 56 Whitefoord Avenue 4/3 2017 2,414 4/17/2018 $627,500 $260 8 175 Mellrich Avenue 4/4 2018 2,867 5/22/2018 $756,900 $264 9 226 SE Holtzclaw Street 4/3 2017 2,235 12/28/2017 $600,000 $269 10 2266 Sutton Street SE 4/3 2017 2972 5/1/2018 $740,000 $249 11 1934 Bixby Street SE 4/3 2018 2927 5/25/2018 $690,000 $236 TOTAL / AVG 4/3 2017 2,788 N/A $681,190 $249

INVESTMENTCOMPARABLE SUMMARY SECTION THE KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

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RECENTLY SOLD LAND PROPERTY PRICE PER ACRE SALE DATE SALE PRICE LAND SIZE (ACRES)

Kirkwood/Edgewood Dev. Site TBD TBD TBD 5.75 1 1119 Memorial Dr SE $706,110 9/30/2016 $1,425,000 2.02 2 860 Glenwood Ave $1,293,103 7/24/2015 $3,000,000 2.32 3 842 Berne St $1,500,000 10/14/2016 $4,500,000 3.00 4 1150 Wade St $1,625,202 10/2/2014 $7,280,903 4.48 5 777 Memorial Drive $954,198 7/5/2017 $8,750,000 9.17 6 515 North Ave NE $487,500 11/14/2017 $2,925,000 6.00 7 375 Gartrell St $1,449,417 10/6/2016 $4,319,264 2.98 8 385 Grant Circle SE $1,183,533 3/6/2018 $6,900,000 5.83 9 750 SE Kalb Street $1,281,407 7/17/2017 $5,100,000 3.98 TOTAL / AVG $1,164,497 N/A $4,911,129 4.42

KIRKWOOD/EDGEWOOD DEVELOPMENT SITE

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RECENTLY SOLD TOWNHOMES PROPERTY BEDS/BATHS YEAR BUILT SQUARE FOOTAGE SALE DATE SALE PRICE PRICE PER SF Kirkwood/Edgewood Dev. Site N/A N/A N/A N/A N/A N/A 1 201 Wilbur Avenue 3/2.5 2017 2,650 10/27/2017 $720,000 $272 2 986 Mauldin Street 3/3.5 2017 2,003 10/23/2017 $640,968 $320 3 492 Brasﬁeld Square 4/4.5 2006 2,460 5/24/2018 $650,000 $264 4 1094 Kirkwood Avenue 4/3 2017 2,302 3/14/2018 $620,000 $269 5 244 B Locust Street 3/2.5 2017 2,300 4/18/2017 $565,000 $245 6 111A Hutchinson Street 4/4 2018 2,694 4/30/2018 $598,900 $222 7 215 Arizona Avenue 3/3.5 2017 2,221 5/17/2018 $577,469 $260 8 960 Moda Drive 2/2.5 2016 1,510 4/28/2017 $380,000 $252 TOTAL / AVG 3/3 2017 2,264 N/A $598,750 $265

INVESTMENTCOMPARABLE SUMMARY SECTION