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Lincoln Ventures is looking to erect a 31-story, furnished 195-unit co-living tower in Midtown, at 859 Spring St. NW, Bisnow Atlanta Monday first reported. Lincoln Ventures President David Kanne confirmed the news in an email to What Now Atlanta (WNA). Georgia Pacific occupies a single-story commercial building at the site.
The yet-to-be-named residential highrise would offer 1,800-square-feet of ground-level commercial space and a total of 550 beds, with each bed pulling in monthly rents somewhere between $1,350 and $1,700. For renters earning 80 percent of the City’s average median income (AMI), the project has set aside 83 beds to be affordable. Units range in size from having one bed with the largest apartment holding five.
“This project will further enhance the connectivity and walkability of Tech Square, with the co-living bedrooms creating the flexibility for residents seeking proximity and livability to employers and academic institutions,” Kanne told WNA.
Moving the project forward will require advancing through the next stage of planning — presenting the residential highrise to the Midtown Alliance Development Review Committee (DRC) which has the proposal on Tuesday’s docket. Kanne also needs to secure a construction loan for the project for which he is “in discussions.” Austin-based Lincoln Ventures up until this proposal has kept its entire portfolio within the Texas city. The developer has 10 properties, according to its website.
[Editor’s note: an earlier version of this article incorrectly stated that the project would reserve 83 units as affordable. It has been updated to include the correct amount which is 83 beds.]