New South Construction Company will build the Caldwell, a 382-unit apartment complex replacing a former UPS office campus at 35 Glenlake Parkway NE in Sandy Springs.
The Atlanta-based contractor's selection advances the $139 million project, a conversion of underused office space into housing. Kennedy Wilson and Japan-based Shimizu Corporation are co-developing the five-story community, which is expected to welcome its first residents in 2028.
Kennedy Wilson acquired the 6.9-acre site in December 2025 for slightly less than $16.5 million, according to Construction Owners. Demolition of the former UPS office began during summer 2026.
The project marks Kennedy Wilson's first ground-up multifamily development in Georgia and its first partnership with Shimizu, according to a joint announcement reported by MultifamilyBiz. The deal also gives Shimizu another investment in the U.S. residential market.
"Our acquisition of Caldwell is an exciting milestone for Kennedy Wilson as we expand our multifamily development platform in Georgia and establish our first partnership with Shimizu," John McCullough, president of Kennedy Wilson's Multifamily Development Group, said in a statement.
CityBiz reported that Sandy Springs has seen significantly less multifamily supply growth than the broader Atlanta metro area in recent years. Kennedy Wilson pointed to strong local employment growth and an affluent resident base as factors driving the project.
Units will average about 937 square feet. The complex will include more than 17,500 square feet of indoor and outdoor amenities. Dynamik Design is the project architect, and PEC+ will provide civil engineering.
Satoshi Arai, president of Shimizu Realty Development USA, said in a statement that the project represents an opportunity for Shimizu to expand its U.S. presence. He called the partnership with Kennedy Wilson a way to leverage the firm's expertise in high-growth markets like Sandy Springs.
No specific construction start date has been announced beyond the 2028 opening target.
