Atlanta’s largest offering of what project leaders call an innovative approach to affordable housing is on the way to the city’s southside, more specifically in the Beltline Overlay District.
Located at 577 Englewood Avenue in Chosewood Park, the proposed co-living building could include 345 beds in suites, along with furnished shared lounges and kitchens, a club room, a swimming pool, a fitness room, and co-working space.
The site neighbors Boulevard Crossing Park, which Atlanta Beltline Inc. leaders are gearing up to expand, and other investments moving forward in anticipation of the Southside Trail’s cachet, such as Pollack Shores Real Estate Group’s multi-building apartment venture with 319 Class A units.
The $50-million development is one piece of a broader new partnership between nationally recognized co-living developer Common and local firm Domos. The full partnership encompasses a potential $275-million, 2,200-bed co-living portfolio.
It’s set to open in 2021, officials tell Curbed Atlanta.
Rents for a bedroom in a co-living suite will start at $1,040 per month and will include utilities, furniture, weekly cleanings, “shared goods,” and community events.
“As more young professionals come to live and work in Atlanta, there’s a heightened demand for rental housing at an affordable price point,” Common founder and CEO Brad Hargreaves stated today in a press release.
Project leaders, he continued, are “grateful to the city’s economic development authority for its forward-thinking leadership in support of co-living as an affordable housing solution.”
That “forward-thinking leadership” came in the form of city approval to classify the development as affordable housing, Hargreaves said.
Through a partnership with Invest Atlanta, the city’s economic development arm, rents for 15 percent of the co-living beds will be capped at a rate that’s meant to be affordable for residents earning 80 percent of the Area Median Income, officials said.
Beyond the Chosewood Park venture, Common has ambitions to expand its co-living holdings in Atlanta.
The company hinted at plans earlier this year for up to 600 beds spread across neighborhoods from Reynoldstown to West End. However, that number has now been increased to 650 beds, including the Chosewood Park project.
Specific locations weren’t identified.
In terms of Atlanta co-living options, Common’s developments would join Awethu House on Auburn Avenue downtown, which offers seven units rented at $1,200 monthly and under.