This Week's Atlanta Deal Sheet: Core Spaces Moving Forward On 2nd Midtown Student Housing Project
Fresh from opening its Hub Atlanta student housing tower, a Chicago developer is looking for a second project near Georgia Tech's campus.
Core Spaces filed an application to begin work on Hub Cypress, a 265-unit, 387K SF student housing tower that is set to rise next to the historic Academy of Medicine building at the corner of Seventh and Cypress streets, just north of Tech Square in Midtown. The proposal also includes plans for a 1,600 SF street-level coffee shop as well as 161 parking spaces on three floors above the first, a portion of which will be reserved for the academy’s use, according to the application.
In September, Core Spaces opened the 19-story, 292-unit Hub Atlanta student housing project about a mile west of the Cypress Hub site, which currently acts as a surface parking lot.
Core Spaces' plan is downsized from an earlier proposal which called for 295 units, the Atlanta Business Chronicle reported. The project would not impact the Academy of Medicine building, which is operated by Georgia Tech as an events space, the ABC reported.
DEVELOPMENT
A local coffee purveyor is stripping down a previously proposed Midtown mixed-use project into a new coffee bar. Danielle Glasky is seeking to rehab 12th & Everything — a two-building retail complex at the corner of 12th Street and Piedmont Ave, across from Piedmont Park — into Old Sol coffeehouse, the ABC reported.
Bisnow previously reported Glasky planned to turn 12th & Everything into a restaurant with an upstairs terrace, a revitalized skate shop and a coffee bar. The skate shop, Skate Escape, shuttered last year, the ABC reported. Old Sol could open in 2025.
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Crescent Communities filed permits this week to start construction of Novel Blandtown, a planned seven-story, 250-unit apartment complex with a 4,700 SF, single-story retail building on 3 acres at 1095 and 1121 Huff Road, Urbanize Atlanta reported.
Novel Blandtown is projected to cost more than $53M and would span more than 250K SF, according to the applications filed with Atlanta.
PERSONNEL
Peachtree Group promoted Vickie Callahan to the role of president of the firm’s hospitality management division, tasking her with overseeing Peachtree’s portfolio of 88 hotels with more than 11,000 rooms in 23 states.
A more than 20-year hospitality industry veteran, Callahan was hired by Peachtree in 2020 as the senior vice president of revenue generation.
SALES
A New York-based investor bought the Nursecare of Buckhead facility at 2920 Pharr Court South from an affiliate of senior housing REIT Ventas for $15.6M, according to a real estate transaction listing in the Atlanta Business Chronicle. The buyer was listed as BH 2920 Pharr Court South LLC.
The 220-bed, 83K SF skilled nursing facility is located off Peachtree Road a half mile north of the Buckhead Village.
FINANCING
High Street Logistics Properties landed an $18.3M loan from Byline Bank to buy 460 Horizon Drive, a 231K SF distribution center in Suwanee. High Street paid $29.2M from Atlanta-based ADA Property Management in May, according to the Reonomy database.
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Harrison Street and Ackerman & Co. refinanced Perimeter Town Center, a 274K SF medical office building campus in Sandy Springs, with a three-year, floating-rate loan through Mesa West Capital. Funds from the new $51.3M loan are to be used for capital improvements and costs to repay existing debt, Commercial Property Executive reported.
The joint venture owners previously had a $4M bridge loan from Capital One on the properties, CPE reported. JLL’s Timothy Joyce, Anthony Sardo and Matt Casey arranged the financing.
