Midtown on the Build: Too Many Apartments?

This week, Midtown Patch looked at Midtown area apartment news with the developers behind Ponce City Market announcing they were shifting from condominiums to apartments and the 12th & Midtown development team acquiring more property in the heart of Midtown in anticipation of buidling more apartments.

The SkyHouse Midtown apartment tower (320 units) and the nearby 77 12th apartment high-rise (330 units) are to be delivered this year. Also in 2013, the 100 6th Street apartment tower (320 units) and a mixed-use apartment project (280 units) on a 2.5-acre Midtown property off Ponce de Leon Avenue will break ground.

Courtesy of Immovable Media, see the attached YouTube videos depicting a trio of these projects. And for more from Immovable Media, see here.

In addition, developers behind a 329-unit apartment building near Atlantic Station are looking to break ground this spring with hopes to construct an adjacent 300-plus unit apartment project in 2014.

According to a recent Atlanta Business Chronicle article, since 1997, approximately 6,800 new residential units have been constructed in the core district of Midtown. Those new dwellings helped bring around 9,600 new residents to the area.

Condo inventory is dwindling in Midtown, but will all these new apartment units be filled? The developers contend that Midtown’s apartment market is underserved and they believe enough 20-and-30-year olds will opt to rent intown rather than own outside the perimeter. What do you think?

Five, six, eight, 10, 15 years from now, what will the apartment and condo occupancy landscape look like in Midtown Atlanta?