Capstone Development Corp. of Birmingham closed on 5.9 acres on Big Shanty Road to build apartments targeting students at Kennesaw State University.
John Acken, Senior Vice President at Capstone, said it is clearing the land next to the state Department of Labor office and across from Kennesaw's soccer stadium and will break ground on a 217-unit complex this summer. The company plans to have the apartments with 807 beds ready by fall of 2012.
The complex will have two buildings of four and five stories with 21,000 square feet of retail space on the ground floor and a parking deck. Acken said the company is negotiating with restaurants and other businesses to fill the retail space.
The sale of the land was brokered by Carter, a real estate service company.
--Christopher Quinn
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