According to documents filed with the rezoning application, developer MRCT Investments, LLC, and Owner Robert J. Fauls, Jr plan to demolish the existing improvements located at 99 University Avenue SW and replace the site with 400 multifamily residential units. The Zoning Review Board has the project listed as deferred on the November 4, 2021, agenda.
If eventually granted, the current zoning of I-2-C/Beltline Overlay (Heavy Industrial/Beltline Overlay) on the 11.81-acre parcel would be amended to MRC-3/BL (Mixed Residential Commercial/Beltline Overlay). The Comprehensive Development Plan guides the property for Mixed-Use (MU). Lots are zoned I1/BL (Light Industrial/Beltline Overlay) with an Industrial (I) land use designation to the north, south, and west of the site. To the east, the parcels are zoned I-1-C/BL (Light Industrial Conditional/Beltline Overlay) with a Mixed-Use land use designation.
The expected market rental rates will be $1,400 to $2,680 a month. The affordable monthly rental rates are estimated at $1,196 to $1,675.
Site plans created by Kimley Horn indicated that the residential units would be spread over ten buildings and totaling nearly 480,000 square feet. The project also includes a clubhouse and amenity area, 505 surface parking spaces, and 50 spaces reserved for bikes. The heights of the buildings are below the maximum height restriction of 70 feet.
The Zoning Review Board Memorandum indicates a staff recommendation of approval, concluding that the proposed zoning is consistent with the CDP, that there are adequate public facilities and services available to the property, the property is suitable for redevelopment more active and compatible with the Beltline corridor, and that the rezoning would provide a positive effect on the adjacent neighborhood by turning an undersized lot into a residential development.
