GBX Group LLC, in partnership with developer Urban Landings, and preservation organization Easements Atlanta this week announced the beginning of work to rehabilitate the 90-year-old Winnwood Apartments property, at 1460 W Peachtree Street NW.
When completed, the refurbished property will feature nearly 50 micro and one-bedroom units with modern amenities, all within a few miles of the Midtown city center.
“The restoration and repositioning are an exciting proposition for us as well as the Midtown neighborhood,” Cameron Pimm, Urban Landings Chief Operating Officer, said in a prss release. “Not only does this fit with our corporate vision of breathing new life into well-located and underappreciated assets, but it provides quality housing at an achievable price point for the ever-expanding workforce. Importantly, the preservation of Winnwood would not have been financially possible without the incorporation of historic tax incentives.”
A 1931 build by once-prominent local firm H.W. Nicholes and Sons, the complex features a two-story brick Georgian Revival-style building and courtyard in the garden style, a multi-family residential design type synonymous with early-to-mid-20th century architecture. It is one of the last of this style in Atlanta.
Urban Landings sought and earned a spot for the property on the National Register of Historic Places in 2021, enabling access to historic tax credits that helped make the rehabilitation project financially viable. Simultaneously, the ownership group donated a facade easement to Easements Atlanta, a move that permanently protects Winnwood’s exterior design and makes the project eligible for additional tax incentives.
Easements Atlanta was excited to accept the donation, another in a long line of projects in which they’ve assisted in protecting the building blocks of Atlanta’s history.
“Properties such as the Winnwood Apartments offer a deep connection to our City’s story,” said Ian Michael Rogers, President of Easements Atlanta. “Preservation easements are one of the most important tools available for balancing preservation and development, ensuring that Atlanta’s architectural, historic, and cultural resources are protected for future generations to enjoy. We’re thrilled to be partnering with Urban Landings, GBX Group, the Atlanta Preservation Center, and other partners to ensure the perpetual stewardship of this significant property.”
Antonin Robert, President of Community Development at GBX Group added, “Tools like the Historic Preservation Easements as well as Historic Tax Credits are critical in preserving and rehabilitating challenging projects like Winnwood Apartments. A stronger Georgia Historic Tax Credit program would further support and make more projects like this one possible in a city that is quickly losing many of its important historic structures.”
GBX CEO, Drew Sparacia, whose firm partnered with Urban Landings to help build the capital stack that made the project possible, called the initiative a win-win for all involved.
“Today’s climate favors new construction,” he said. “On the surface, it may make better financial sense. But, as a result, the historic properties that occupy valuable real estate, particularly those in urban areas, are often demolished in the name of progress.”
Sparacia continued, “And that’s a shame. Those buildings, many with rich architecture and ties to their local communities, offer untold economic and socioeconomic potential for all community stakeholders if rehabbed correctly. We’ve seen it time and time again across the country. And we’re confident that we’ll see it with this project for the Midtown Atlanta area.”
Construction is anticipated to be completed in at the end of 2022.