Midtown Development: More apartments on the way
Ponce City Market opts for apartments over condos; 12th & Midtown developers acquire more property in the heart of Midtown.
Last week, Midtown Patch took a look at a trio apartment development projects on the westside of the city, but development news was popping in Midtown and the Old Fourth Ward, too.
In 2011, Jamestown Properties began plans to adapt the former Sears & Roebuck building and 16-acre tract — some 2 million square feet in all — to create about 1 million square feet of retail, office and residential components, plus parking, green spaces and more.
The redevelopment of the property at 675 Ponce de Leon Avenue on the edge of Midtown was originally to be home to "loft-style condominiums and several hundred family residences for sale and rent."
But the plans for the $180 million renovation, which is still slated for a Spring 2014 delivery, now call for apartments instead of condos. In a released statement, Jamestown said:
"Careful consideration of the market indicates that consumers are likely to continue facing difficulty obtaining financing to purchase condo units, nationwide, for the foreseeable future. We are currently building extraordinarily high-quality rental units, which we will consider converting to condominiums down the line."
Meanwhile, as the Atlanta Business Chronicle reported late last week, developers Daniel Corporation and Selig Enterprises Inc., have acquired more property in the heart of Midtown in anticipation of expanding its 12th & Midtown development.
According to the ABC, about 4 additional acres have been assembled within a five-block radius of 12th & Midtown, which is currently working towards a May completion of its latest phase, the 23-story 77 12th apartment high-rise. The 330-unit tower will have 20,000 square feet of ground-level retail space, which will curve along 12th Street and Crescent Ave.
The new parcels include tracts along Peachtree Street, West Peachtree Street and Crescent Avenue and offers have been placed by the developers on additional parcels in the area reported the business news outlet.
According to the story, the next phase of development would most likely take place early next year and while office space remains part of the developer’s plan, it “would probably take the form of apartment towers or retail.”
A separate ABC article indicates that the 12th & Midtown development, which currently sports approximately 130,000 square feet of retail space, could add almost 200,000 square feet more retail with the recent and possible future land purchases.
Daniel and Selig have a reported 40 commitments for 77 12th Street, while the nearby SkyHouse Midtown apartment tower has topped 100 commitments. SkyHouse Midtown from the Novare Group and the Batson-Cook Development Company is the 23-story 320-unit apartment building at the corner of West Peachtree and 12th streets that will feature studio, 1 and 2 bedroom apartment homes topped by an amenity deck 230 feet above street level.
It is expected to be delivered in the coming weeks, while construction on another Novare apartment project in Midtown, 100 6th Street, prepares to break ground. The 23-story 320-unit luxury apartment tower is a $63 million mixed-use project that will stand behind the existing 36-story Viewpoint condo tower.
Also, ground is expected to be broken soon on a mixed-use project, including 280 apartments, on a 2.5-acre property bounded by Juniper Street, Ponce de Leon Ave., North Ave. and a portion of Piedmont Ave. that includes famed architect I.M. Pei's first office building.
The site — located at 131 Ponce de Leon — sold for $6.5 million last summer and includes the entire block except for St. Paul's Presbyterian Church, which was once home to the well-known Abbey restaurant.