The Atlanta Journal-Constitution
Cheaper housing option planned for Grant Park area,
A new apartment complex intended as an affordable option for Atlanta residents is coming to the Grant Park area near the Southside Atlanta Beltline trail.
The development, Chosewood Park, is described as a co-living-style concept that bundles rent and utilities into one price while creating a sense of community among roommates. In co-living spaces, residents have their own bedroom but share space such as the kitchen area.
Property management com- pany Common and Atlan- ta-based developer Domos partnered on the $50 million development, which sits near mixed-used development The Beacon and Eventide Brew- ing. The 345-bed complex is expected to open in 2021.
Rent starts at $1,040 per bedroom, and the amount includes utilities, Wi-Fi and weekly cleanings. Residents will also have access to a club room, pool, fitness room and co-working spaces. Furniture is also included in the apartment.
Typical rent for a one-bed- room apartment in Atlanta is $1,044, according to online rent tracker Apartment List. That does not include utilities.
To further address affordability, 15% of the units will be allocated for residents who make less than 80% of the area median income. The median household income of the area is $43,690, according to the U.S. census.
“It’s targeting someone look- ing for that low price point but wants something new,” Common CEO Brad Hargreaves said.
Domos founder Derrick Barker said 90% of the development in Atlanta has been focused on the top 10% of the city’s earners. “We’re focused on people who are in the dead middle,” he said. Residents making between $35,000 and $50,000 are the ideal target demographic for the Chose- wood Park units, a spokes- man familiar with the development said.
Co-living spaces first popped up five years ago in New York City as a way to encourage residents to build a community and interact with one another. Hargreaves said part of that is making sure residents have great roommate experi- ences. Part of Common’s job is removing annoyances that lead to poor roommate expe- riences. The company manages 30 co-living spaces in six cities, including Los Angeles, Chicago and Washington, D.C.
“What we’re doing is removing the annoyances that we can control,” Hargreaves said. That includes providing a cleaning service, restocking toilet tissue and splitting the bills for residents.
Georgia State University urban studies professor Dan Immergluck said while co-living is a niche market that peo- ple are interested in, it won’t solve Atlanta’s affordable housing crisis.
“I don’t think it provides the kind of stability that a lot of people need,” he said. “I think it’s good for people that aren’t planning on renting for a while.” Immergluck studies housing, real estate and neighborhood change in Atlanta.
To aid in affordab i lity, Immergluck said housing shortages for lower-income residents need to be addressed. Right now, the market caters to those already middle income, and a $1,000-bedroom unit isn’t affordable for single-family residents making $25,000 a year or even a family of four living on an annual income of $40,000, he said.