In Midtown, a merger with the old and new at a 90-year-old apartment building

The Winnwood Apartments are located in Midtown, at the merger of Peachtree and West Peachtree streets.
The Winnwood Apartments are located in Midtown, at the merger of Peachtree and West Peachtree streets.

An 90-year-old apartment building in Midtown may become the latest example of multifamily landlords opening their doors to Airbnb.

Atlanta real estate investor and developer Tenth Street Ventures bought The Winnwood, a nearly 1-acre property at 1460 West Peachtree Street near its connection with Peachtree and just north of office towers such as Pershing Park Plaza, the current home of the law firm Jones Day.

No sales price was given, and the transaction for The Winnwood was not available in Fulton County property records. The brick mid-rise building, which features Neoclassical Revival architecture, dates back to 1930.

The property had been owned by the same family for decades, part of the dwindling and still relatively affordable stock of older apartments that remain in the city. For now, most of the units have been vacated.

The Winnwood could follow the model of another recent Tenth Street Ventures project in Midtown, where it allows tenants to rent out their units as Airbnbs. It has rebranded that property on Piedmont Avenue as “Studio9Forty.”

 It’s an example of a national trend of apartment owners working with companies that rent out apartments to travelers. Brian McCarthy, a principal with Tenth Street, said it shows the lines between multifamily properties and hotels are starting to blur.

“Residential living is changing,” he said. “The multifamily owners are looking at getting into hotels, and the boutique hotel owners are trying to get into multifamily.”

Tenth Street plans to renovate The Winnwood, taking it from 26 units to 48. First, though, it will apply to receive historic designation for the apartments. It said it is evaluating the best way to redevelop the building, while preserving the Neoclassical Revival exterior.

McCarthy said the goal is to restore The Winnwood “to its historic glory.”

The project has been a landmark in north Midtown for decades. The Whitehead family owned a house previously on the site. The property then remained in the family until the death of Cecil S. Whitehead a few years ago.

Tenth Street Ventures buys, designs and renovates properties, with the goal of keeping properties more affordable for the working class. The Winnwood is fifth major transaction by TSV over the past year.

By Douglas Sams – Commercial Real Estate Editor, Atlanta Business Chronicle
https://www.bizjournals.com/atlanta/news/2020/01/14/in-midtown-a-merger-with-the-old-and-new-at-a-90.html?iana=hpmvp_atl_news_headline

Vision for East Lake Commercial Village Gains Traction

In October 2012, City Realty was hired by the C.F. Foundation to help re-enliven four vacant corners at Hosea Williams and 2nd Avenue. After three years and countless proposals, the four corners are now coming together in what promises to be a lively community center containing offices and at least six restaurants. Below is the article about it that came out yesterday written by Josh Green for Curbed:

Plans to revive a tired East Lake intersection with several commercial ventures and spiffy new architecture are barreling ahead. All four corners of the intersection, dubbed “Hosea + 2nd” for its cross streets, are in for big changes, beginning with the northwest quadrant, where a former gas station is being transformed into the third Greater Good BBQ outpost, which plans to open this spring. Now, a development team that includes the owners of Fellini’s Pizza and La Fonda Latina has inked James Beard-nominated pastry chef, Aaron Russell, and his wife, Jamie Russell, to open a neighborhood restaurant and bar on the southeast corner of the intersection (see above and after the jump).

Hosea

Hosea 2

The concept, which will eventually be joined by two others on that corner, is called “Poor Hendrix” after the couple’s rescue dog. Expect “perfectly prepared classic dishes that compliment an affordable, but thoughtful wine list” and small plates in the bar, officials said.

Across the street, developers closed last week on the acquisition of a third corner (northeast), where plans are being finalized. The C.F. Foundation, an organization that’s worked to revitalize East Lake since 1993, has plans to activate the remaining southwest corner.

(You can read more and explore the site plans for all four corners at hosea2nd.com.)

Midtown Hotel Sold to Make Way for More

North Point Hospitality Group has unloaded its dual-branded Midtown hotel to pave the way for $155M in new hotel projects in the Southeast. The Atlanta-based hotel developer sold its Hilton Garden Inn/Homewood Suites Atlanta Midtown hotel, a 228-unit hotel off 10th Street to NY-based Carey Watermark Investors for an undisclosed sum. “We continue to be optimistic about the Atlanta market and our growing presence there,” says North Point CEO Jay Patel. “The timing of the sale was such that it represented significant value for both buyer and seller.”

Dual Hotel

Patel says the sale “paves the way for our future development plans. By year end, we expect to break ground on four hotels in the Southeast.” That includes some 605 rooms and a total development cost pipeline of $155M, he says. Patel did not disclose specific hotels, but the firm is opening its 162-unit Homewood Suites in Savannah’s Riverfront historic district this summer—part of a larger River Street East mixed-use development that will include hotels, retail and dining space for $150M. The firm also announced in April that it will develop a $120M tri-branded Marriott hotel in Nashville, including AC Hotel by Marriott, Residence Inn and SpringHill Suites, totaling more than 400 rooms.

Svannah HOtel

 

Written by Jarred Schenke for Bisnow ATL

2520 Peachtree Street High Rise Condo

Jarel Portman & team gain unanimous approval for 2520 Peachtree Condo

2520 PEACHTREE - BUCKHEAD CONDO DEVELOPMENT SITE

As the Buckhead view notes, “The small room at the Cathedral of St. Philip Tuesday night was jammed—standing room only—with almost everyone attending the NPU-B Zoning Committee meeting there to hear the presentation by JPX Works.” Jessica Hill did a bang up job with the presentation, walking through each aspect of the proposal and the specific aspects that JPX was asking the NPU Board to approve. The proposal passed unanimously without even objection from the residents, the first time that’s happened in 11 years (according to one of the board member we talked to afterwards).

Christian Bailey, co-founder of ODA Architecture, likened the condos to “villas in the sky” and the building as a whole to an “urban lantern,” reminding us of the BeltLine Lantern Parade that has such a symbol of Atlanta urban life.

The key to the success of the meeting was Jarel Portman and his team’s dedication to listening to the needs of the residents and adapting the plans in response. Jessica Hill’s quote sums it up well: “As the unanimous vote in favor of this project reflects, we think this is exactly what our great city needs.”

City Realty has been involved with this project from day 1, envisioning an assemblage of the existing 47-condo units 9 years ago in 2006. The 2520 Condominium Board hired Alan Joel, Jeff Vantosh and me to see if they could assemble all of the units and sell them as one parcel to a developer. Over a period of two years, we successfully completed the job and subsequently entered into a contract to collapse the condominium and sell the whole 80,000 SF site. The purchaser at the time rezoned the property to RG4. However in 2008, just prior to closing, the entire US housing market collapsed and the project fell through.

In the fall of 2013, I decided it was time to revive the effort, and I introduced the idea of a potential buy out to the condo association at their annual meeting in December of that year. Over the next three months, with the help of JPX and Campbell & Brannon, a Buckhead closing firm, we worked with each individual unit owner, one at a time, to enter contracts. The last signature was taken at a US naval base in Doha Qatar, the only place a US notary could be found.

This NPU approval was a huge step in the right direction to ensuring the sale for the current owners! We are excited to continue watching the plans unfold for the area.

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