Core Spaces Setting the Stage for Another Student Housing Project in Midtown Atlanta!
Project Details
Here is the dish y’all, the Chicago based company, Core Spaces, continues to put their stamp on Atlanta student housing. After the success of the recently opened Hub Atlanta, these guys are already after their next project near Georgia Tech’s home ground. They have their sights set on the construction of Hub Cypress.
Hub Cypress is a proposed 387K SF student housing tower featuring 265 units. The spot they have picked is near the iconic Academy of Medicine building at the junction of Seventh and Cypress streets, a stone’s throw away from Tech Square in Midtown. Along with the housing units, plans also include a neat 1,600 SF coffee shop on the street-level and a three-story car parking space with 161 slots. They’ve even thought about keeping some parking space reserved for the academy’s use. Talk about good neighbors!
By the way, the present blueprint is a little smaller than the original plan which had a total of 295 units. Also worth mentioning is that the construction will not affect the Academy of Medicine building, which Georgia Tech uses for hosting events. Neat, huh?
Other Developments
While on the topic of coffee shops, the Midtown area will be seeing some exciting changes soon. Danielle Glasky is planning to roll up sleeves and transform the two-building retail complex, 12th & Everything, into a cool coffee bar named Old Sol. The location is ideal, right across from Piedmont Park. The opening date is tentatively set for 2025 so mark your calendars coffee lovers!
Meanwhile, permits have been filed by Crescent Communities for the kick-off of Novel Blandtown. It’s a seven-story, 250-unit apartment setup coupled with a 4,700 SF, single-story retail building on Huff Road. These guys are going all out, ready to invest over $53M for a sprawling 250K SF project. Bold move!
People and Sales Movements
On the people front, Vickie Callahan has been bumped up to be the president of the hospitality management division by Peachtree Group. With her two-decade long experience in the hospitality industry, she will be in charge of managing Peachtree’s massive portfolio of 88 hotels with more than 11,000 rooms spread across 23 states.
Big sales news is also in the air. Word on the street is that a New York investor went ahead and purchased the Nursecare of Buckhead facility for a whopping $15.6M. The 220-bed, 83K SF skilled nursing center is situated at the stone’s throw distance from the Buckhead Village.
Financing and More
Over in Suwanee, High Street Logistics Properties is looking to secure an $18.3M loan from Byline Bank to buy a 231K SF distribution center. If you recall, High Street had paid $29.2M to buy the center from Atlanta-based ADA Property Management.
Last but not least, Perimeter Town Center, a massive medical office building campus, has been refinanced by Harrison Street in association with decked $51.3M to make capital improvements and to settle up old dues.
