However, the approval is contingent upon a point of sale agreement and upon the start of construction beginning within one year.
The scope of the nearly 5.2-acre Woodlofts development will be to include 15,000 square feet of retail space and surface parking in the front of the property fronting I-45 and 285 one- to three-bedroom apartments along David Vetter Boulevard and David Memorial Drive.
Kevin Kirton, CEO of developer Buckhead Investment Partners, said the goal is to have the retail section of the project completed at the time the apartments are opened.
"It won't take us long to build the retail," Kirton said. "We can capitalize both deals, and when we get the leasing completed on the retail, we will build it and get it filled up. They will both be complete at the same time."
Council Member Ted Fletcher expressed concerns about the apartments being completed and the retail remaining empty.
"[From] what I've seen of the agreement, there are not any penalties if one doesn't get built and the other does get built," Fletcher said.
The multifamily apartments aim to bring in tenants from the medical industry, with rent at an average of around $1,700 per month.
Previous reporting from Community Impact Newspaper indicates initial construction of Woodlofts was supposed to begin in 2014 and be completed by 2016, though the project was delayed at the time.
"We have been here, and we have seen this song and dance multiple times," Council Member Michael McLeod said. "All the while, the land sits there."
McLeod cast the dissenting vote on the matter.