Standard Communities Announces First Ground Up Development
Thursday, June 30th, 2022
Standard Communities, a leading national multifamily housing investor and developer, has announced its first ground up development, a Class A+ multifamily project in Savannah, GA, called The Line.
The project is capitalized at approximately $60 million.
The Line will fit seamlessly into the old-meets-new atmosphere in downtown Savannah. An existing building, located at 601 East Liberty Street was constructed in 1926 by Atlantic Coast Line Rail Road and used as their general offices until 1988. This will be transformed into 32 apartment homes, with a newly constructed adjacent building offering 187 apartments. Standard’s primary goal will be to maintain the integrity of the property’s original structure while combining the benefits and amenities of a new construction, modern apartment community.
“Our investment in Savannah is consistent with Standard’s track record in reviving urban areas throughout the United States by creating appealing communities,” said Scott Alter, Co-Founder and Principal of Standard Communities. “This is Standard’s first ground up development in the United States, making it especially noteworthy,” said Mr. Alter.
“There is a strong demand for rental housing in downtown Savannah,” said Tommy Attridge, Standard’s Director of Southeast Production. “The Line Apartments is in a highly desirable location, near the heart of downtown Savannah. This is a unique opportunity for Standard and we are excited to create housing with a scale and amenities consistent with the vibrancy of the city.”
“Our development will transform an underutilized parcel in downtown Savannah into an attractive residential community well suited to the context of the area,” said Mr. Attridge. “This appealing and cohesive project will enhance the streetscape of this section of Savannah and create an exciting live, work, play destination,” he said.
Construction of the Line Apartments is expected to be completed in 2024. The community will consist of studio, one-bedroom, and two-bedroom apartments.
The Line will feature a full upscale amenity package, including a co-working space with two conference rooms, lounge with ping pong and billiards, and a terrace level with a pool, sundeck, fitness center and yoga room, and grill area. The project will also include onsite parking, a clubroom with views of Downtown Savannah and the Savannah River.
“It was a pleasure to work with the Standard Communities team. From start to finish, all groups involved worked effortlessly to make the transaction as seamless as possible. We’re very excited to see the finished project,” said Taylor Williams, Managing Director of Capital Markets at Walker & Dunlop.
Based in New York and Los Angeles, Standard has a national portfolio of over 14,100 apartment units and has completed more than $3.8 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.