1930s Midtown apartments hit market as possible high-rise development site

Same family has controlled the West Peachtree Street property for more than a century

By Josh Green@JoshGreen1234 Feb 5, 2019, 12:04pm EST

The 1460 West Peachtree Street property in question. — The 1460 West Peachtree Street building in question.

The future’s uncertain for a throwback Midtown apartment building on prime property that’s been in the same family since before Margaret Mitchell penned Gone With the Wind in the neighborhood.

According to marketing materials for the Winnwood Apartments, the 1930 structure could potentially be gone soon, too—or it could be reborn with the help of historic tax credits.

Listed for sale Monday, the property in question consists of .73 acres where Peachtree and West Peachtree streets meet, in the northern section of Midtown. It’s been owned by the same family for more than 100 years, and as is, the 24 apartments represent “a well-know and unique building for Midtown,” Nik Hatzis, of City Realty Advisors, tells Curbed Atlanta.

Exactly what the property might cost remains to be seen.

“We are taking it to market for pricing,” Hatzis wrote in an email. “There is no list price.”

Potential uses for the site, which has no height restrictions, could include high-density mixed-use with “expansive view corridors in every direction,” according to the listing.

Alternately, the brick-clad, U-shaped building that hugs a courtyard could be renovated into for-sale condos, a boutique hotel, or updated apartments, per marketers.

With its relatively strong 81 WalkScore and location in “one of the most active development districts in the Southeast,” the property is called a once-in-a-generation asset where a “limited supply of available land sites for development” remain.

But losing the apartments could be a blow to more affordable housing options in the area.

A leasing rep said Tuesday that all Winnwood rentals are currently leased, but two-bedrooms typically rent for $1,050 in the building. Studio apartments cost $750 monthly and one-bedrooms $925, she said.

Nearby, studios at the recently completed Ascent Midtown tower begin at $1,760, as one example, according to Apartments.com.

And two-bedrooms in that new tower begin at more than $2,000—and rise to nearly $10,000 monthly for the largest penthouses.