The Winnwood Apartments in Midtown will be transformed into micro and one-bedroom studios while preserving the historic facade of the 90-year-old building.
GBX Group LLC, in partnership with developer Urban Landings, and preservation organization, Easements Atlanta, will create 50 units with modern amenities at the property located at 1460 West Peachtree St.
Built in 1931 by H.W. Nicholes and Sons, the complex features a two-story brick Georgian Revival-style building and courtyard synonymous with early-to-mid-20th century architecture. It is one of the last of this style in Atlanta.
“The restoration and repositioning are an exciting proposition for us as well as the Midtown neighborhood,” said Cameron Pimm, Urban Landings Chief Operating Officer. “Not only does this fit with our corporate vision of breathing new life into well-located and under-appreciated 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.”
Urban Landings successfully got the property added to the National Register of Historic Places last year, enabling historic tax credits to make the rehabilitation project financially viable.
Simultaneously, the ownership group donated a facade easement to the nonprofit Easements Atlanta, a move that permanently protects Winnwood’s exterior design and makes the project eligible for additional tax incentives.
“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.”
Construction is anticipated to be completed later this year.