Oglethorpe University and Gables Residential are partnering to build Gables Oglethorpe, a mixed-use luxury apartment community at the corner of Peachtree Road and Hermance Drive. The real estate company will lease about seven acres of land from the university in a a long-term land lease agreement, and will construct, operate, and maintain the new mixed-use community, according to a press release from the Brookhaven school.
Gables Oglethorpe is designed by Atlanta-based architects Rule Joy Trammell + Rubio and will reflect the signature Gothic architecture of Oglethorpe’s historic campus, set to celebrate its 100th anniversary in 2015. Groundbreaking is estimated for summer 2014, with occupancy to begin August 2015.
“Oglethorpe’s residence halls are near capacity and we are need of additional space to accommodate our continued growth,” said Oglethorpe University President Lawrence Schall in the press release. “Our partnership with Gables Residential will allow us to fulfill that need as the new community will offer an alternative living choice for our students while shifting the financial risk away from the university.”
Oglethorpe has experienced significant growth during recent years, both in enrollment and through campus development. The university opened the $16M Turner Lynch Campus Center in 2013, and plans to further increase its current student population of 1,100 to 1,500 by 2020.
Gables Oglethorpe will include two four-story residential buildings offering 374 apartment homes, consisting of studios (7 percent), 1 and 2-bedrooms (88 percent ), and 3-bedrooms (5 percent). The development will also include 6,000 square feet of classroom space to be used by the university. New pedestrian pathways will offer secured, gated access for students between the Gables development and Oglethorpe’s main campus.