Georgia Tech – Construction on Spring Street Housing Underway
November 15, 2013
Construction recently began on a new student housing complex that will be located on the Northwest corner of Spring Street and 8th Street in Midtown. The housing development is currently scheduled to open in the 2015 academic year.
RISE will administer this “Spring Street Housing” project and will construct the 19-story building, working in conjunction with Inland American Communities Group, Inc. (IAC), which will also play a role in managing the newest University House property and may have management offices in the building in order to operate the property until its full completion next year.
“The team at IAC places a high emphasis on developing best-in-class amenities to distinguish University House communities from the competition,” said David Pierce, Senior Vice President of Development at IAC in a press release. “Based on our experience, we recognize the importance of designing each space for the way students really live, and we look forward to providing this premium housing option for the Georgia Tech community.”
According to What Now Atlanta, the building will have 268 units available for student occupation. There are also plans for various different amenities to be available for residential use such as a club room, study lounge, a gym, rooftop terrace, outdoor pool and management offices within the building.
An estimated $48 million will be spent to build the “Spring Street Project” and its respective parking units which will include 261 parking spaces.
Originally, Seven Oaks and Brookdale Group, two independent real estate companies, owned the property for this project but it was sold off in order to promote further development and commerce in the area. The housing project will be relatively close to Tech Square and the Centergy One building.
In an interview with the Atlanta Business Chronicle, David Tyndall, who was behind the Centergy building project said, “In the evening it winds down a little bit. We know people come to learn here, but they haven’t yet come to live here, for now.”
While property values have risen to more expensive prices, the “Spring Street Housing Project” has been seen as an investment to Midtown Atlanta.
“We are proud to be developing our next project in the heart of midtown,” said Travis Roberts, President of IAC in a press release. “This development will be a great addition to our growing portfolio of student housing properties nationwide.”
The addition will add 7,000 beds to the student housing nationwide that IAC currently manages.
According to Daniel Latshaw, a representative of the Seven Oaks and Brookdale joint ownership, in an interview with the Atlanta Business Chronicle, “During the downturn, we saw distressed land deals in the range of $50 to $80 a foot. Now we’re getting back over $100 a foot. We’re not quite back to the good ol’ days, but we’re getting closer.”
While the new building project has been disputed by part of the Midtown community, many students on the Tech campus are interested in the new housing project and feel that it offers a safer option for off-campus housing.
“I think it’s pretty cool. It definitely offers that convenience of being off campus but still being surrounded by the Georgia Tech community, so I think its really cool to have that option,” said Tamiko Washington, a senior AE major. “It will certainly feel that you’re off campus, but you’ll also feel that it’s safer because you’re surrounded by you peers.”
RISE executives say that students from local Atlanta schools are fueling the demand for new and affordable off-campus housing. The company is looking to expand further when more similar spaces open up.
See more at Technique