News Summary
Landmark Properties has acquired an office park in Midtown Atlanta, marking a strategic shift from luxury student housing to new development opportunities. The company plans to develop a tower with 560 student housing units and commercial space, primarily aimed at Georgia Tech students. This move signifies a commitment to enhancing student living in the area, with high-end amenities planned. The acquisition aligns with the ongoing growth in Midtown, adding to the local economy’s robust development landscape.
Landmark Properties Acquires Mid-Town Atlanta Office Park and Plans Major Student Housing Development
In a significant development for Midtown Atlanta, Landmark Properties has expanded its portfolio by acquiring an office park in the bustling suburban area. This move indicates a strategic shift from its traditional focus on luxury student housing, marking an exciting new chapter for the company.
Acquisition Details
The acquisition of the office park allows Landmark Properties to take control of its workspace, facilitating the assignment of some of its staff to this new location. Additionally, they are working towards acquiring a 2-acre surface parking lot adjacent to the famous Varsity restaurant located at 680 Spring St. NW. This prime location is poised for development, contributing to the ongoing transformation of the area.
Proposed Development Plans
Plans for the proposed development include a striking tower featuring 560 student housing units, complemented by ground-floor commercial and retail space. The design also incorporates a new parking deck that will wrap around three sides of the tower, effectively accommodating the parking needs of future residents.
Student Housing Emphasis
The development aims to provide approximately 2,000 beds primarily designed for students attending nearby Georgia Tech. Residents of the planned tower will enjoy scenic views over Bobby Dodd Stadium, enhancing their living experience in an already lively neighborhood.
A Track Record of Luxury Developments
Landmark Properties is no stranger to successful ventures in the student housing market, having previously developed notable luxury housing projects such as The Standard at Atlanta, The Mark Atlanta, and The Legacy at Centennial near Georgia State University. This latest project marks their continued commitment to enhancing student living in the area.
High-End Amenities and Community Impact
The preliminary designs for the new development promise an array of high-end amenities. These include a resort-style pool with a pool deck, an oversized fitness center, sports simulators, a sauna, extensive study spaces, and sky lounges. Notably, the iconic Varsity restaurant, established in 1928, will remain operational and unaffected by Landmark’s proposed development, ensuring that the beloved establishment continues its rich tradition.
Current Market Trends
The Gordy family, which owns The Varsity, will be selling only the parking lot, indicating a calculated move amidst the ongoing growth and redevelopment of the Midtown area. Recent years have seen significant advancements, including major expansions at Georgia Tech’s Tech Square and the establishment of new office buildings for corporations like Google, NCR, and Anthem.
Future Development Outlook
With the recent acquisition, Landmark Properties will now boast a local portfolio of approximately 4,000 beds across both Midtown and Downtown Atlanta. The redevelopment proposal awaits approval, and if successful, it will contribute significantly to Midtown’s ongoing growth boom, which has already seen 46 buildings constructed along with 20 more proposed or currently under construction.
Economic Impact
The collective value of new buildings added to the Midtown landscape in recent years has exceeded $8.4 billion, showcasing the area’s emergence as a prime location for development and investment. As Landmark Properties forges ahead with its plans, the impact on both the local economy and the student housing market is anticipated to be substantial.
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EY Considers Move to Midtown Atlanta
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Additional Resources
- CoStar: Student Housing Developer Buys Office Park in Suburban Atlanta
- Bisnow: Landmark Properties Eyes Massive Student Housing Tower at The Varsity in Midtown
- AJC: Varsity OKs Student Housing on Parking Lot Near Iconic Atlanta Restaurant
- Connect CRE: Georgia Tech Student Housing Community Flips for $36.8M
- Wikipedia: Student Housing
