Pollack Shores Real Estate Group paid $7 million for about 7 acres in Riverside and landed a $28.4 million mortgage to develop "The Brooklyn Riverside," a 310-unit apartment project.
Through NW/PSREG Brooklyn Owner LLC, Pollack Shores bought the property from P&L Riverside LP, the Pope and Land Enterprises group that initially planned to develop the site. Both groups are based in Atlanta.
The deed was signed and the construction mortgage and security agreement from PNC Bank issued on Nov. 1.
The city is reviewing building permits for The Brooklyn Riverside at 100 Magnolia St. The residential development is designed on a four-block area bordered by Park, Leila, Jackson and Magnolia streets.
Construction is expected to start this month and the first phase could be completed late summer or early fall 2014.
Pollack Shores Real Estate Group of Atlanta, shown as the owner on construction plans, has applied for building permits for the $24.8 million project.
The project encompasses seven buildings on the 7.96-acre site. Plans show four four-story buildings and three three-story buildings. Average rental rates will be between $950 and $1,500.
The Brooklyn Riverside will be built near 220 Riverside apartment, retail and community center project and the Shoppes on Riverside retail development, which will be anchored by The Fresh Market.
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