In late August, a luxury multifamily developer announced construction is underway on a 382-unit building at 35 Glenlake Parkway in Sandy Springs on the former site of a UPS office near its global headquarters.
The $139 million, five-story development, named Caldwell, will mark Kennedy Wilson’s first luxury multifamily building in Georgia and its first partnership with Japanese construction firm Shimizu Corporation. It’s located just west of State Route 400 in central Sandy Springs.
Background on Glenlake project
Kennedy Wilson is a California-based real estate investment company that acquired the 7.5-acre site in late 2025 for $16.4 million, according to Fulton County records.
The plan is to redevelop the office property into residences averaging 937 square feet, with more than 17,500 square feet of indoor and outdoor amenities. Previously, the site had a large surface parking lot and a five-story office building
John McCullough, president of the multifamily development group at Kennedy Wilson, said the acquisition is an exciting milestone as the company expands its platform in Georgia.
“Caldwell offers exceptional long-term fundamentals, driven by strong employment growth and an affluent resident base with limited new multifamily supply,” McCullough said. “By transforming an underused office site into a thoughtfully designed residential community, we are maximizing the utility of the land and creating much-needed housing in one of Atlanta’s most desirable metros.”
According to an Aug. 31 press release, demolition began this summer and the development is expected to welcome its first residents in 2028. New South Construction is serving as general contractor, with Dynamik Design as architect and PEC+ as civil engineer.
Citywide multifamily development
Kennedy Wilson’s announcement said Sandy Springs is a “high-growth market with strong long-term fundamentals.”
“Sandy Springs has experienced significantly less multifamily supply growth than the broader Atlanta metropolitan area in recent years, supporting sustained rental demand and reinforcing the area’s long-term investment appeal,” the announcement said.
While Sandy Springs leadership has periodically rejected multifamily projects, hundreds of units will be popping up around the city in the next few years. Some notable developments set to open in 2027 include Solis Sandy Springs on the other side of SR 400 and Hillcrest south of Mount Vernon Highway near City Springs.
Last month, the city council approved a $4.33 million incentive package for Woodfield Development as part of its overhaul of the North River Shopping Center. The 13-acre site plan includes building about 360 apartments, a public park, and 85 for-sale townhomes.
Satoshi Arai, president of Shimizu Realty Development in the United States, said the luxury multifamily project is an opportunity for the firm to capitalize on “the potential of high-growth markets like Sandy Springs.”
“By developing a high-quality residential community, we are creating meaningful value for the local community,” Arai said. “We believe that this project will be a significant addition to the neighborhood and is well-positioned to thrive.”
