Suwanee growth spurt to continue with $31M 'Imperium' project Josh Green Fri, 04/05/2024 - 12:43 Despite a metro-wide slowdown in multifamily construction and turbulence in the lending world, a project in one of the most quickly growing cities in one of Georgia’s fastest-growing counties has secured the cash needed to move forward.
Imperium Development has landed a $31-million loan through BWE, a national commercial and multifamily mortgage banking company, to proceed with building a 212-unit Class A apartment complex at 3108 McGinnis Ferry Road.
Called Imperium Suwanee, the Dynamik Design-designed project will rise at a site located just west of Interstate 85, about three and ½ miles from Suwanee Town Center, currently occupied by Gateway Church.
The Imperium Suwanee project's location in relation to I-85 and Suwanee Town Center. Google Maps
Courtesy of BWE; designs, Dynamik Design
Imperium Suwanee’s plans call for a rooftop terrace clubhouse with catering kitchen, EV charging stations, a 24-hour gym, a cybercafé with a gourmet coffee bar, a dog spa, business center, and a resort-style pool with hammocks and cabanas, among other amenities.
The project location near a “major highway … less than an hour away from downtown Atlanta” was cited as another perk in a project announcement.
The Suwanee project marks the second multifamily development Imperium has moved forward with BWE’s banking support this year, following the 229-unit Imperium Oakwood development in Oakwood, announced in January.
Thomas Wiedeman, senior vice president in BWE’s Atlanta office, said a “persistent shortage of construction loan capacity” with commercial banks has created the lowest level of multifamily construction starts in metro Atlanta over the past four years, lending “a significant advantage” to projects that manage to start.
“[Developers] will deliver completed projects to the market with minimal competition from new supply,” noted Wiedeman in the announcement.
Courtesy of BWE; designs, Dynamik Design
Hailed as a top 10 suburb in the U.S. for a “modern lifestyle” last year, Suwanee has seen its population more than double over the past two decades.
Another notable Suwanee project—the 25-acre Town Center on Main and DeLay Nature Park—is on pace to open this summer, providing more park space (with a sweeping, 1,200-foot bridge structure) in a centralized location.
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3108 McGinnis Ferry Road Imperium Suwanee BWE Imperium Development Suwanee Apartments Gwinnett Gwinnett County Gwinnett County Development Dynamik Design Suburbs Atlanta Suburbs Gwinnett Apartments McGinnis Ferry Road Suwanee Town Center Interstate 85 Atlanta Churches
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The Imperium Suwanee project's location in relation to I-85 and Suwanee Town Center. Google Maps
Courtesy of BWE; designs, Dynamik Design
Courtesy of BWE; designs, Dynamik Design
Subtitle More than 200 Class A rentals enter pipeline on current church site
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