Core Spaces to Build 1,600 Student Beds in Georgia

Core Spaces has broken ground on Hub Athens Dougherty, a 536-unit, 1,656-bed a mid-rise student housing community near the University of Georgia in Athens, Ga. The mixed-use development is expected to deliver in 2028.

Affinius Capital provided financing for the development in a deal arranged by TSB Capital Partners. The project is expected to cost more than $150 million, according to the Atlanta Business Chronicle.

When it comes to market, Hub Athens Dougherty will have a mix of floor plans ranging from studios to five-bedroom units. The student housing community will have more than 47,000 square feet of indoor and outdoor amenity space including study lounges, group study rooms, fitness and wellness areas, a rooftop swimming pool and additional common spaces.

The property will also have 16,000 square feet of retail, including 5,000 square feet of community-targeted spaces offered for below-market leasing rates.

Located at 295 E. Dougherty St. near downtown Athens, the project is being built on the site of the former Hotel Abacus and historic Foundry building, a former music venue and bar. Students will be within walking distance of the University of Georgia campus. It’s also a short drive to Sanford Stadium, the Tate Student Center and the UGA Arch.

Public-private partnership

Hub Athens Dougherty is a public-private partnership with Athens-Clarke County. Core Spaces is partnering with the county on several public-benefit indicatives including the partial funding of a 425-stall public parking deck serving downtown Athens.

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Core Spaces will pay for water and sewer infrastructure upgrades for the new development, and will preserve and revitalize the façade of the Foundry, an 1850s-era brick building. The developer has also agreed to relocate and reconstruct the historic Hoyt House, one of the oldest houses in Athens-Clarke County. Other public-private projects will include installing the installation of new public plaza and enhancing the streetscape to support the Jackson Street Art Walk.

The company has partnered with Mallory & Evans Development on the redevelopment project. Other design and development partners include JNS Realty, Northworks Architects, Studio BNA and Harken Interiors. Construction is led by a joint venture between Core Spaces and Juneau Construction Co. It is their 12^th project together.

Active in Athens market

The project marks Core Spaces’ second development in the market. In July of last year, the company completed Hub Athens, a 162-unit, 460-bed student housing asset located at 155 Mitchell St. Hub Athens features a 7,000-square-foot rooftop amenity deck and 11,000 square feet of retail space.

In July 2021, Core Spaces acquired a three-property, 626-bed student housing portfolio in Athens from Whistlebury Properties. The assets are the 276-bed Whistlebury, the 206-bed Whistlebury Walk and the 144-bed Waterford Place. They are all located within half a mile of the UGA campus and a short distance from downtown Athens.

Also in Georgia, Core Spaces delivered Hub Atlanta, a 792-bed student housing community in Midtown Atlanta in September 2023. The 19-story community serves students at the Georgia Institute of Technology and Georgia State University.

Other Core Spaces moves

Also this month, the company broke ground on Hub College Station, a 570-unit, 2,201-bed student housing project in College Station, Texas. It is the firm’s first development in College Station and its first ground-up student housing project in the state. The community will serve students at Texas A&M University and is slated to come online ahead of the 2028—2029 academic year.

In May, Core Spaces closed its flagship student housing fund at $1.6 billion, one of the largest capital raises in the sector. The vehicle will support the company’s expansion through developments and acquisitions across the U.S., with a focus on Tier 1 school markets and urban infill projects.