Business: ‘The Point,’ ‘North Fifth’ proposed for Martha Berry/Fifth Avenue makeover with 210 apartments, 18,000 square feet of retail and a parking deck.

Business: ‘The Point,’ ‘North Fifth’ proposed for Martha Berry/Fifth Avenue makeover with 210 apartments, 18,000 square feet of retail and a parking deck.

A look at “The Point: from Fifth Avenue with Martha Berry on the other side.
What’s proposed for the second bulding, North Fifth, including the retail space on the first floor.
A project rendering that shows both four-story buildings, a four-deck parking garage and the amenities area. One key factor: McDonald Street would be closed as part of the redevelopment, giving the project three sides — Martha Berry, North Fifth and West 11th Street.
The view from McDonald Street and North Fifth Avenue on a wet Monday in Rome. The “zoning action pending” signs are up around the site of the proposed North Fifth.

 

A dominating mix of residential and retail is showcased in early plans for redeveloping  the Martha Berry/Fifth Avenue corridor. Those plans are due before the Rome-Floyd County Planning Commission on Oct. 5.

Rumors have spun for much of the year of new multifamily housing on the site; the retail part is new to the mix. The project looks divided into three pods: The Point, which indeed comes to a head at Martha Berry and includes four stories; and North Fifth, which mixes in some of the retail options on the first floor as well as three other floors; and a four-story parking deck, planned off West 11th.

At least 210 apartments/residential units are planned as well 18,000 square feet of retail.

The project takes in the “triangle” that includes the now-vacant tract where the medical center once operated; some of the older Martha Berry storefronts and the Relax Inn — recently on the market for $950,000 and including 24 units built on a half-acre in 1959. The Relax Inn listing, from Toles, Temple & Wright, now shows “under contract.” Plans also call for closing McDonald Street to allow full development.

The plan to to rezone the acres involved to urban mixed use, now common in the River District. Included are tracts from 0.17 of an acre to 1.46 acres.

The developer behind it all is 33 Holdings. It describes itself as:

“… a private equity real estate firm based out of Atlanta, Georgia. We operate around the globe with investments and people in North America & Asia. We seek to generate attractive risk-adjusted returns for our investors across cycles and over the long term. Our strategy is to invest in value added & opportunistic real estate investments to return medium-to-high-risk/medium-to-high-returns to our investors. We seek to acquire high quality investments at discounts to replacement cost. We then improve the properties through hands-on management and targeted value add Initiatives. Our efforts result in solid returns for investors and strong economic assets for communities. Our real estate portfolio includes Residential – Single Family, Land Development & Commercial – Office, Hotel, Multi Family assets acquired via distressed or developed from raw land. We value relationships and strive to make you returns via creatively structuring our deals, which resonates with our motto of ‘Relationships, Creativity & Returns.’ ”

Also listed on site renderings is HDA Architects based at 101 E. Second Ave. in Rome., and Jones Architects LLC of 9 Mimosa Drive, Rome.

About the area: The corridor has been primed for redevelopment for years. The opening of Publix Super Market at Charles Hight Square in October 2013 was thought to be a catalyst for the neighborhood. There have been pockets of change since then, including redevelopment of sites on Martha Berry (Mavis Tire, Wendy’s, Chicken Salad Chick, Go-Go Running, medical offices). Some sites have been cleared in more immediate areas as well. Plus the senior housing project is completing $4.5 million in upgrades and improvements.

 

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