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Landmark Properties, CityLife Development Acquire Land for New Student Housing Tower

The Mark at Atlanta Will Comprise 780 Beds, Open in Time for Georgia Tech's Fall 2020 Semester
December 19, 2017
A popular Domino's pizza outlet in Midtown Atlanta is about to give way to a 28-story student housing tower aimed at Georgia Tech students as well as young professionals.

Landmark Properties of Athens, GA, said this week that it partnered with Atlanta's CityLife Development Partners to acquire a 1.1-acre site at Spring and 10th streets where the venture plans to develop The Mark at Atlanta student housing tower with retail near the Georgia Tech campus.

The Landmark/CityLife partnership acquired the site for an undisclosed price. The seller of at least part of the property, according to Fulton County records, was Spring & Tenth LLC, headed by Robert Patterson of CityLife Development Partners. In 2015, Patterson paid $1.3 million for the part of the property, 44 10th St., where the Domino's store stands.

Landmark Properties does not publicly disclose financial costs or projections for its projects, spokesman Cody Nichelson tells CoStar. However, more information on costs will be available when the team files for a building permit.

The Mark will comprise 780 beds in 281 apartments, as well as 7,000 square feet of retail space. The amenity level and 18 floors of residences will sit atop a nine-story parking structure designed for 380 cars, according to Atlanta Development Review Committee records.

Richard Nelson, principal of CNNA Architects Inc. of Atlanta, tells CoStar News that The Mark will be a significant structural addition to the Midtown skyline. As such, CNNA's design for the tower draws inspiration from The Mark's position as the gateway to Midtown's technology district.

"We went to great lengths to create a building that responds to the Midtown Blueprint, with retail and active spaces facing all three streets (Spring, 10th and Peachtree Place) and wrapping the nine-story parking garage with units facing the streets," Nelson said. He added that The Mark will feature a two-story glass restaurant and exterior dining patio at 10th and Spring streets.

Amenities at The Mark will include a rooftop pool and hot tub, fitness center, bike storage area, clubhouse, golf simulator, sky lounge and tanning beds. The apartments will come fully furnished and offer one- to six-bedroom layouts.

Landmark and CityLife plan to complete the development in August 2020, just in time for that year's fall semester.

A student housing owner, operator and developer that manages 64 student housing projects across the U.S., Landmark broke ground on its first Atlanta project earlier this year with the development of The Standard at Atlanta, a 19-story, 765-bed student housing complex on Spring St. between Third and Fourth streets not far from The Mark. The Standard is expected to be ready for occupancy for the fall 2018 semester.

"We've seen strong demand and excitement since announcing The Standard last year," Landmark Properties president and CEO Wes Rogers said in a press release. "That momentum led us to explore additional opportunities to bring more high-quality housing options to college students and young professionals in the Midtown area."

For more information on Landmark Properties and CityLife Development Partners' land acquisition at Spring and 10th streets, please see CoStar Comp #4084961.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   

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