CarMax is finally getting a neighbor.
An Augusta real estate development firm has started preparing the site for a high-end, 240-unit apartment complex on Mason McKnight Jr. Parkway in west Augusta.
The community will be called Gateway Crossing Luxury Apartments, and infrastructure work is under way, said Peter Caye III, the managing partner of The Giddings Group LLC. Caye said there will be a groundbreaking with city leaders Oct. 17.
Giddings Group is putting the apartments on 13.5 acres. The first building is expected to be finished in the spring, Caye said, with the construction completed in 12 months.
“We hope to turn our first building by April, and then we’ll get a building probably every 30 days thereafter,” he said.
Gateway Crossing will begin leasing in January, offering one- to three-bedroom apartments ranging from 650 to 1,400 square feet. The buildings will be three stories tall. Amenities will include a resort-style pool with cabana, health club/quality fitness center and business center.
Caye said Giddings Group has been an equity partnership firm for years. The Augusta community will be its first.
“Looking to do three to four deals a year all over the Southeast, as far north as Virginia,” Caye said. “It is pretty neat that we can do this in our own town.”
The properties will be managed by Provence Real Estate, a national management firm based in Atlanta.
The general contractor is Hathaway Construction Services, also of Atlanta.
“We have many years of experience in this market and are looking forward to a successful lease-up of this property,” said Art Lieb, the managing partner of Provence.
CarMax has been open since 2010, and there have been rumors since of other developments in that area, such as sporting goods chain Gander Mountain.