Historic preservation effort to add more affordable living in downtown Atlanta

GBX Group LLC and its partners announce the start of construction to rehabilitate the long-standing Winnwood Apartments, a multi-family property listed on the National Register of Historic Places

ATLANTE, January 20, 2022 /PRNewswire/ — A renewal project to restore a historic residential property and bring more affordable living to downtown Atlanta is underway.

Courtyard of Winnwood Apartments

“Winnwood would not have been financially possible without the incorporation of tax incentives for historic preservation.”

GBX Group LLC, in partnership with developer Urban Landings and preservation organization Easements Atlanta, today announced the start of rehabilitation work on the 90-year-old Winnwood Apartments property located at 1460 W Peachtree Street NW, Atlanta.

When complete, the renovated property will feature nearly 50 micro-units and one-bedroom units with modern amenities, all within a few miles of downtown Midtown.

“Restoration and repositioning is an exciting proposition for us and for the Midtown neighborhood,” said Cameron Pimm, Chief Operating Officer of Urban Landings. “Not only does this align with our corporate vision of breathing new life into well-located and undervalued assets, but it provides quality housing at an achievable price for the ever-expanding workforce. Above all, the preservation of Winnwood would not have been financially possible without the incorporation of historic tax incentives.”

Built in 1931 by once prominent local firm HW Nicholes and Sons, the complex comprises a two-storey Georgian Revival brick building and garden-style courtyard, a type of multi-family residential design synonymous with the early to mid-20th century. architecture of the century. It is one of the last of this style in Atlanta.

Urban Landings sought and secured a listing for the property on the National Register of Historic Places in 2021, allowing access to historic tax credits that helped make the rehabilitation project financially viable. Simultaneously, the group of owners donated a frontage easement to Easements Atlanta, a move that permanently protects Winnwood’s exterior design and makes the project eligible for additional tax incentives.

Easements Atlanta were delighted to accept the donation, another in a long line of projects in which they have helped protect the building blocks of from Atlanta the story.

“Properties like the Winnwood Apartments offer a deep connection to our city’s history,” said Ian Michael Rogers, President of Atlanta Easements. “Preservation easements are one of the most important tools available for balancing preservation and development, ensuring that from Atlanta architectural, historical and cultural resources are protected for future generations to enjoy. We are delighted to partner with Urban Landings, GBX Group, Atlanta Preservation Center and other partners to ensure the perpetual stewardship of this important property. » Antonin RobertPresident of GBX Group Community Development, added, “Tools such as Historic Preservation Easements as well as Historic Tax Credits are key to preserving and rehabilitating challenging projects such as Winnwood Apartments. A tax credit program Georgia’s stronger history would further support and create more projects like this is possible in a city that is rapidly losing many of its significant historic structures.”

CEO of GBX, Drew Spaciawhose company partnered with Urban Landings to help build the capital stack that made the project possible, called the initiative a win-win for everyone involved.

“Today’s climate favors new construction,” he said. “On the surface, this may make better financial sense. But, as a result, historic properties that occupy valuable real estate, especially those in urban areas, are often demolished in the name of progress.”

Sparacia continued: “And that’s a shame. These buildings, many of which have rich architecture and ties to their local communities, offer incalculable economic and socio-economic potential for all community stakeholders if properly rehabilitated. We’ve seen it time and time again across the country. And we’re confident we’ll see it with this project for the Midtown Atlanta area.”

Construction is expected to be completed in the fourth quarter of 2022.

About GBX Group, LLC
GBX Group LLC specializes in the acquisition, preservation and operation of historic real estate in urban markets. The company partners with investors to fund the purchase and preservation of historic real estate to generate community revitalization and economic growth. Since its inception in 2001, GBX has completed over 145 projects in 21 states. Please learn more about gbxgroup.com/.

About urban landings
Urban Landings is an investment company focused on acquiring, managing and repositioning real estate. We deliver market-beating returns in multi-family, flex, hotel and retail assets through forward-looking strategies. Urban Landings currently has $350 million in assets under management. Please learn more about UrbanLandings

About Atlanta Easements
Founded in 1984, Easements Atlanta is a 501(c)(3) nonprofit organization whose mission is to accept qualified donations of historic preservation easements from certified historic properties in the metro Atlanta area, and to in turn offering perpetual stewardship and potential federal tax incentives for ownership. the owners. Since 1984, Easements Atlanta has permanently protected more than 40 historic properties, ensuring that Atlanta’s historical, cultural and architectural heritage lives on for future generations to enjoy. Please learn more about easementsatlanta.org .

Media Contact:
Philip Winton
Vice President of Strategic Messaging
(216) 912-9705
[email protected]

Winnwood Apartments front door

Winnwood Apartments front door

Current conditions after removal of the wall

Current conditions after removal of the wall

(PRNewsfoto/GBX Group LLC)

(PRNewsfoto/GBX Group LLC)

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