GBX Group LLC and partners announce the beginning of construction to rehabilitate the longstanding Winnwood Apartments, a multi-family property listed on the National Register of Historic Places
ATLANTA, Jan. 20, 2022 /PRNewswire/ — A revival project to restore a historical residential property and infuse more affordable living into Midtown Atlanta is underway.
“Winnwood would not have been financially possible without the incorporation of historic preservation tax incentives.”
GBX Group LLC, in partnership with developer Urban Landings, and preservation organization, Easements Atlanta, announced today the beginning of work to rehabilitate the 90-year-old Winnwood Apartments property at 1460 W Peachtree Street NW, Atlanta.
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,” 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 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 Q4, 2022.
About GBX Group, LLC
GBX Group LLC specializes in acquiring, preserving and operating 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 founding in 2001, GBX has completed over 145 projects in 21 states. Please learn more at gbxgroup.com/.
About Urban Landings
Urban Landings is an investment firm focused on the acquisition, management, and re-positioning of real estate. We provide above-market returns in multifamily, flexible living, hospitality, and commercial assets through forward-looking strategies. Urban Landings currently has $350MMM in assets under management. Please learn more at UrbanLandings
About Easements Atlanta
Established in 1984, Easements Atlanta is a 501(c)(3) non-profit organization whose mission is to accept qualified historic preservation easement donations of certified historic properties within Metropolitan Atlanta, and in turn offer perpetual stewardship and potential federal tax incentives for property owners. Since 1984, Easements Atlanta has permanently protected over 40 historic properties, ensuring that Atlanta’s historic, cultural, and architectural heritage lives on for future generations to enjoy. Please learn more at easementsatlanta.org .
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SOURCE GBX Group LLC