Kennedy Wilson and Shimizu Corporation have partnered to develop Caldwell, a $139 million, 382-unit luxury multifamily community in Sandy Springs, Georgia, marking Kennedy Wilson’s first ground-up multifamily development in the state and its first partnership with Shimizu. Kennedy Wilson acquired the 6.9-acre development site in late 2025.
The property previously housed a UPS office, and demolition began during summer 2026 as the partners prepare to redevelop the underused office site into residential housing.
Located at 35 Glenlake Parkway NE, Caldwell will consist of a five-story community with 382 residences averaging approximately 937 square feet.
Plans include more than 17,500 square feet of indoor and outdoor amenities.
The development is positioned near major Atlanta employment centers, transportation corridors, retail destinations and other amenities.
Kennedy Wilson sees Sandy Springs as an attractive multifamily development market because of strong employment growth, an affluent resident base and relatively constrained new apartment supply compared with the broader Atlanta metropolitan region.
The company is also using the project to expand its multifamily development platform into Georgia.
Caldwell represents Shimizu’s first partnership with Kennedy Wilson and gives the Japanese construction and real estate group another investment in the U.S. residential market.
The approximately $139 million project is expected to welcome its first residents during 2028.
New South Construction will serve as general contractor, Dynamik Design as architect and PEC+ as civil engineer.
Kennedy Wilson manages approximately $38 billion of assets and has completed more than $70 billion of transactions since 2009.
KEY QUOTES:
“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.”
John McCullough, President Of Kennedy Wilson’s Multifamily Development Group
“Caldwell represents an exciting opportunity for Shimizu to expand its presence in the U.S. and provide high-quality residential solutions.”
Satoshi Arai, President Of Shimizu Realty Development U.S.A.
