Preliminary Review for Project Proposals on Peachtree and Spring Streets

A Midtown committee conducted preliminary reviews Tuesday of two proposed projects that aim to bring scores of student housing on Spring Street and high-end rentals to Peachtree Street at 7th Street.

Both projects are still in the early stages and the developers in each have not formally submitted their proposals.

The meeting of Midtown Special Purpose Interest Zoning District 16 was to allow the developers and their architects to share their proposals, get feedback from zoning district members, answer questions and incorporate suggestions or changes in their designs.

Developers in both projects could make formal submissions to the Special Purpose Interest Zoning District as soon as next month. It would then vote on recommending to approve or deny before going to the city for review.

In the Peachtree Street project, the Loudermilk Cos. wants to redevelop 867 Peachtree St. by creating up to 39 high-end, two- and three-bedroom apartments in an eight-story building.

It would include 4,700 square feet of retail at the street level, including an expansion of the existing Starbucks Coffee shop.

Robert C. Loudermilk, president and chief executive of the Buckhead-based Loudermilk Cos., told Midtown Patch that the project is part of a three-part initiative to incorporate the Viewpoint condos, which his company owns.

As part of the overall project, Viewpoint, which is located at 855 Peachtree St. will undergo façade improvements and streetscape sprucing at the retail level close to 6th Street.

"If you look at the Viewpoint, it's really just a concrete façade," Loudermilk said. "So what we need is to really add some street presence to it."

As for the new eight-story building, the apartments are rentals and targeted to the high-end tenant.

It explains why the units are all being designed to be two- and three-bedroom apartments.

Loudermilk said market research suggests a demand for larger apartments in the high-end market and a shift from one-bedroom spaces.

Parking plans for the project call for direct ramp access into the new deck under construction as part of the 100 6th Street mixed-use project, which broke ground two weeks ago, for overflow retail parking.

In the Spring Street project, Ambling University Development Group proposes a 17-story tower at 930 Spring St., just off 8th Street.

Valdosta-based Ambling, which specializes in on-campus and off-campus student housing, said the $50 million project is earmarked toward Georgia Tech students.

The tower would have 267 units — 60 percent of them four-bed and four-bath units.

The remaining units will be a mix of two-bed, two-bath apartments and a limited number of one-bedroom options.

Rents would be comparable to area rates and will be in the range of $790 to about $900 per month.

"There's a good demand at Georgia Tech. They're sort of limited to their on-campus housing opportunities," said Paul Morgan, an Ambling vice president.

The current design also has a retail component and calls for 10,200 square feet of street-level retail along Spring Street.