Developer Crescent Communities is moving closer to vertical construction for Novel West Midtown, a 340-unit multifamily project set for 1330 Fairmont Ave. in the Blandtown neighborhood, according to a permit application filed this week.
This week’s filing, which is for the seven-story project’s foundation work, lists a cost of construction of about $4.4 million. It follows a land development permit for the project posted earlier this year and listing a construction cost of about $6.5 million.
The development is slated for a roughly 10-acre tract of land that includes “significant topography changes throughout the site” and two streams just west of Fairmont Avenue, according to plans on file with the city of Atlanta. The project will feature three main residential buildings wrapped around a seven-level, 416-space parking deck.
Plans call for 68 studios, 185 one-bedrooms, 66 two-bedrooms, and 21 three-bedrooms, with the studios ranging from about 600 to 630 square feet, the ones from 680 to about 800 square feet, the twos from 1,080 to about 1,200 square feet, and the threes each just under 1,400 square feet.
Located within the Atlanta BeltLine Overlay District, the project will provide 34, or 10 percent, below market rate units, per the district’s inclusionary zoning rules, according to Crescent Communities’ rezoning application: seven studios at an expected rent of $837, 18 ones at $897, seven twos at $1,077, and two threes at $1,243.
The expected market rents as of last year’s rezoning application for each of the four unit sizes were $1,450, $1,700, $2,475, and $2,900, from studios to three-bedrooms, respectively.
A Crescent Communities spokesperson didn’t respond to a request for comment.
Crescent Communities is a national developer with a development portfolio of over 60 communities. In Atlanta, is also the developer of the underway 338-unit Novel Midtown project, a 14-floor project at 1150 Spring St. NW overlooking the downtown connector. Other projects with the name include Novel O4W and Novel Upper Westside.
Involved in the Blandtown development on the design side are project architect Dwell Design Studio, interior architect CID Design Group, and landscape architect Dix.Hite + Partners, according to project plans.
Amenities planned for Novel West Midtown include multiple courtyards, a fitness room, clubroom, pool, and spa.