ATLANTA — Affordable housing for young professionals is coming to the Grant Park area near the Atlanta Beltline.
Located in Chosewood Park, the 345-bed project will offer a mix of co-living suites, fully furnished shared lounges and kitchens, a club room, and co-working space.
Common, a nationally-recognized co-living brand, announced Monday that it will partner with Atlanta-based Domos to bring this $50 million development to Atlanta. The new development will be just a part of a $275 million, 2,200-bed co-living portfolio.
In partnership with Invest Atlanta the City of Atlanta’s economic development arm, a portion of co-living beds will be attainable for working professionals.
“As more young professionals come to live and work in Atlanta, there is a heightened demand for rental housing at an affordable price point," said Brad Hargreaves, founder and CEO of Common.
Rent will start at $1,040/month for a bedroom in a co-living suite, which will include utilities, furniture, weekly cleanings, "shared goods", and community events.
"The number of renters in the $50,000 to $75,000 income bracket who spend over 30% of their total income on rent has more than tripled," Common said. "Atlanta is one of the fastest-growing cities in the US and is seeing a large influx of new residents, most are between the ages of 20 and 29."
To ensure affordable housing, 5% of the co-living beds will have rents capped at a rate affordable at 80% of the Area Median Income (AMI).
"While most of the development industry is focused on standard housing for a small group of high-income renters, we are building co-living developments that focus on convenience and are attainable for everyday working residents," Domos Principal Derrick Barker said.
The median income in the 30315 zip code 2017 is $27,525, according to the United States Census Bureau.
This new housing development is slated to open in winter 2021.