A California developer is building a $139 million apartment complex on a former UPS office site in Sandy Springs.

Kennedy Wilson and Japanese construction firm Shimizu Corporation broke ground on Caldwell, a 382-unit, five-story building at 35 Glenlake Parkway NE. The project marks Kennedy Wilson's first apartment development in Georgia and its first partnership with Shimizu, according to the company.

Kennedy Wilson bought the 6.9-acre property from UPS for $16.4 million in December 2025, according to Fulton County records cited by Rough Draft Atlanta. UPS had moved about 500 workers out of the 133,000-square-foot building to consolidate its real estate footprint, WSB-TV reported. Demolition began in summer 2026.

The site sits just west of State Route 400, about two miles north of Interstate 285 and south of MARTA's North Springs station.

Units will average 937 square feet. The building will include more than 17,500 square feet of indoor and outdoor amenities. New South Construction is the general contractor, Dynamik Design is the architect and Planning and Engineers Collaborative (PEC+) is the civil engineer.

John McCullough, president of Kennedy Wilson's Multifamily Development Group, said in a Monday, Aug. 31 press release that Sandy Springs has limited apartment supply and strong job growth, making the area attractive for new housing. He said the project transforms an underused office site into housing "in one of Atlanta's most desirable metros."

First residents are expected in 2028.

Caldwell joins a wave of apartment construction across Sandy Springs. Solis Sandy Springs, a 341-unit project on the east side of SR 400, and Hillcrest, a 362-unit development near City Springs, are both set to open in 2027, Rough Draft Atlanta reported.

The city council also approved a $4.3 million incentive package in August for Woodfield Development to redevelop the 13-acre North River Shopping Center on Roswell Road into a mixed-use neighborhood with 336 apartments, 85 townhomes and a public park, Appen Media reported.

Sandy Springs leadership in 2022 announced a three-year policy rejecting new multifamily projects in an effort to encourage a better housing mix, Urbanize Atlanta reported. That policy was described as "not an official moratorium, but close." The three-year window would have expired in 2025, though its current status is unclear.

No city government statement on the Caldwell groundbreaking has been made public.