An Athens-based developer is targeting a Midtown property for a high-rise student housing project.
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Landmark Properties is under contract to purchase roughly an acre at the corner of Spring and 10th streets, next to the Aqua Midtown condominium tower. The developer plans to build a 28-story student housing tower with up to 800 beds, Landmark CEO Wes Rogers said. Landmark is partnering with Atlanta-based CityLife Development Partners on the project.
The site is currently home to a Domino's, a small brick apartment building and another small commercial building. All three buildings would be razed to make way for the project, called The Mark at Atlanta, Rogers said. Rogers declined to reveal terms of the pending transaction.
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According to an agenda item at Midtown Alliance's Development Review Committee meeting Tuesday, The Mark also will include nine levels of structured parking for 380 vehicles as well as 7,500 SF of street-level retail.
Midtown Alliance Director of Marketing Brian Carr said committee members asked for some revisions to Landmark's plans, including reshaping a proposed patio space at the corner of Spring and 10th streets to reduce obstructed views caused by a steep grade. The developer could resubmit at a later date.
If Landmark gets all the necessary approvals, it could break ground by spring 2018 with the project opening for students by 2020, Rogers said.
“This is such a preliminary project right now,” he said. “It's such a fantastic location.”
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The Mark will be just a few blocks south of Landmark's other student housing project, The Standard. The $110M, 765-bed project — being developed in conjunction with Selig Enterprises — is already under construction with a delivery scheduled for fall 2018. That project, off Spring Street and between Third and Fourth streets, is a block from Technology Square.
Rogers said early momentum at The Standard was the impetus for Landmark to pursue a second Midtown student housing project.
“We feel like it's very underserved, and we feel like the market can support additional beds,” he said.
Landmark has begun pre-leasing units at The Standard for the 2018 school year, and has already booked 25% of the beds, “which, for this time of year, is pretty phenomenal,” he said.
Like The Standard, the new project will be marketed mainly to Georgia Tech students, although Rogers said the projects are open to all college students, regardless of their school.
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