“It’s so hard nowadays to really develop an affordable project,” he said, “so we’re trying to do our best.”
First reported by Bisnow, the developer filed a special administrative permit last week. The project plans include more than 300 parking spots, 5,000 square feet of co-working space and 29,000 square feet of retail and restaurant space in addition to the residential components.
Temporarily named Mastermind Mixed-Use after the existing building on the 0.7-acre site, McCarthy expects the project to cost a little more than $100 million. Site plans show the building would consist of apartments on the lower floors and hotel units on the upper levels, with a rooftop pool deck.
McCarthy said he’s trying to implement a “flexible living strategy” by incorporating hotel services in the style of an extended-stay motel. It’s a model pioneered by Ponce City Market developer Jamestown, which is currently building a 405-unit high-rise with short-term and extended-stay units as affordable housing options.
“Ultimately, it’s going to be mostly micro units and fully furnished,” McCarthy said of his project. “We’re trying to keep (rent prices) low so people can actually afford to live inside the city.”
Several high-end projects have come to the surrounding Arts District over the past few years, making it one of the more affluent areas in Midtown. While it’s not finalized, McCarthy said he’s aiming for at least 156 units to be reserved for people making 80% of the area median income — $54,000 for an individual in Atlanta.
McCarthy said he hopes to break ground in 18 to 24 months.