The development of a 26-story student housing project near the Georgia State University campus is moving forward, SunTrust Banks announced Monday.
The company closed on a $58.3 million loan for the development of a 467,125-square-foot tower, which will accommodate 685 students and include 8,200 square feet of retail space. The total cost of the project at 120 Piedmont Avenue NE is nearly $90 million, according to a press release.
The loan is with an unnamed affiliate of Atlanta-based South City Partners, who SunTrust worked with on the Square on Fifth at Georgia Tech project. South City was formed in 2011 by Mark Randall and John Long.
120 Piedmont’s amenities are to include a rooftop deck, a “resort-style” pool and clubhouse, fitness center, on-site library, internet cafe and Wi-Fi throughout the building.
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Will Casaday, South City development manager, said the development fulfills “a very real need for affordable student housing options in the area.” Rent estimates were not announced.
South City understands “both student housing and the Atlanta market exceptionally well,” according to Mark Hancock, senior vice president at SunTrust Commercial Real Estate.
Construction is expected to begin “soon,” the press release said, and the project is slated to open in August 2019. The site is a block from the Sheraton Atlanta Hotel.
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