Atlanta Historical Preservation Project is Underway

ATLANTA, GA – GBX Group LLC, Urban Landings and preservation organization, Easements Atlanta have commenced construction on rehabilitating a historical residential property in Midtown Atlanta, GA.

The partnership will revive Winnwood Apartments, which was built in 1931 by the once-prominent local firm H.W. Nicholes and Sons.

The restoration project aims to infuse more affordable living into the area.

Located at 1460 W Peachtree St. NW, the multifamily property is a two-story brick Georgian Revival-style building, which features early-to-mid-20th century architecture. The garden-style complex features a courtyard and is located within a few miles of Midtown city center.

Once the historical preservation project is complete, the refurbished property will offer a mix of nearly 50 micro units and one-bedroom units with modern amenities. Construction on the project is expected to be completed in Q4 2022.

In 2021, Urban Landings secured the property on the National Register of Historic Places list to help make the rehabilitation project financially viable through access to historic tax credits. In addition, the ownership group donated a façade easement to Easements Atlanta, in order to permanently protect the community’s exterior design. The donation also makes the project eligible for additional tax incentives.

GBX Group and Urban Landings partnered to help build the capital stack to make the project possible.

“The restoration and repositioning are an exciting proposition for us as well as the Midtown neighborhood,” states Cameron Pimm, COO of Urban Landings. “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.”

“Properties such as the Winnwood Apartments offer a deep connection to our City’s story,” says 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.”

“Today’s climate favors new construction,” states Drew Sparacia, CEO of GBX Group. “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 adds, “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.”

“Tools like the historic preservation easements, as well as historic tax credits, are critical in preserving and rehabilitating challenging projects like Winnwood Apartments,” says Antonin Robert, president of community development at GBX Group. “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.”