Luxury apartments in Downtown DeKalb near completion
3D rendering of the new Pappas Development property in downtown DeKalb dubbed “Agora Tower.”
November 2, 2021
DeKALB — Construction on the Agora Tower property, a $13.8 million Pappas Development project in downtown DeKalb, is nearing completion and is expected to finish Fall 2022.
The four-story building, located on the former Mooney Car Dealership site, will feature 94 high-end apartment units. The site offers a mix of one-bedroom and two-bedroom apartments with commercial and office space on the ground floor.
Rezoning for the property, situated on the intersection of N. Fourth Street and Locust, was given approval by DeKalb’s Planning and Zoning Commission in August 2019.
“Half the building’s one-bedroom, half the building’s two-bedroom, and the rent range will be anywhere from $1,200 to $1,600,” said Foti Pappas, vice president of Pappas Development.
The Agora Tower apartment units are advertised as luxury suites with price points similar to those of Cornerstone DeKalb, Plaza DeKalb and the other Pappas Development projects in the area. The apartments are intended to provide alternative housing options for young professionals.
The apartment building’s ground floor is zoned for commercial use. Despite interest from several businesses hoping to lease space on the first floor of the building, no official arrangements have been made.
“We’ve had interest in restaurants and multiple different services, but we do not have any concrete commitments,” Pappas said.
The Agora Tower property is expected to operate similarly to other Pappas Development properties like Cornerstone Dekalb or Plaza DeKalb. Plaza DeKalb, a four-story apartment complex in DeKalb’s downtown area, was initially supposed to host a Mediterranean grocery store on its first floor but is now inhabited by 10 independent businesses.
“It (the ground floor) is zoned for any commercial, retail or office use,” said Dan Olson, DeKalb’s principal planner. “You hope that it’ll serve the residents that will live there and in the surrounding neighborhood.”
The DeKalb City council awarded the $13.8 million project $3 million in tax increment financing (TIF) funding in June 2019, Olson said.
TIF is a financing approach local governments use when a new community development is expected to generate increased tax revenue and real estate value.
Demolition of the former Mooney property began in November 2020, and construction on the new building is set to complete Fall 2022.
“Construction is moving on schedule,” Pappas said. “We should have it under roof by year-end and the project complete late next fall or fall of ‘22.”
For more information on the property and other Pappas Development projects, visit the company’s website.