The family that owns the iconic Atlanta restaurant The Varsity is planning to sell a surface parking lot next to its Midtown eatery to a prominent student housing developer.

Varsity Realty Corp. filed an application to turn its parking lot at 680 Spring St. into a tower with 560 student housing units and ground-floor commercial and retail.

The project would include a new parking deck wrapping three sides of the tower, according to the application. While the application does not name a developer, Athens-based Landmark Properties was tapped to build the project and will build the project independently of The Varsity once the sale occurs.

A Landmark spokesperson said the building will rise on a 2-acre site and offer 2,000 beds, geared to the students at Georgia Tech nearby. Residents will have “direct views over Georgia Tech’s Bobby Dodd Stadium,” the spokesperson said.

Landmark has developed luxury student housing projects The Standard at Atlanta, The Mark Atlanta and the 835-bed The Legacy at Centennial near Georgia State University.

“While still in the design phase, preliminary plans include top-of-the-line amenities such as an expansive pool deck with a resort-style pool and jumbotrons, an oversized fitness center, sports simulator, sauna, extensive study space and sky lounges,” a Landmark spokesperson said in an email.

The redevelopment comes as The Varsity, which is renowned for its chili dogs and servers asking customers, “What’ll ya have?” is four years shy of celebrating its 100th anniversary.

The restaurant was founded by Frank Gordy, whose family still owns the restaurant. It plans to sell the site, bound by Spring Street and the Connector, to Landmark if the development is approved.

“Landmark’s proposed development will not affect the daily operations of The Varsity,” Varsity Chief Operating Officer John Browne said in an email. “The Varsity has served our loyal customers on North Avenue since 1928, and we look forward to continuing to serve them for many years to come.”

In January, the Gordy family raised eyebrows when it consolidated its various parcels surrounding The Varsity in Midtown from 11 separate parcels into two. At the time, Browne told Bisnow the move was to streamline the number of tax bills the family received for the property.

But the moves came after the Gordy family had begun expressing interest in redeveloping its valuable site in the heart of the massive development boom in Midtown. Just north of The Varsity, Georgia Tech is expanding Tech Square, and new offices for Google, NCR and Anthem now dot the skyline.

For Landmark, the new development would be its fourth project in Midtown and Downtown Atlanta, bringing its local portfolio to 4,000 beds.

CORRECTION, NOV. 5, 3:15 P.M. ET: Landmark Properties plans to buy the development site and pursue development on its own. A previous version misstated the terms of the deal. This story has been updated.