The $63 million high-rise 100 6th Street follows SkyHouse Midtown, which opened this month at the corner of West Peachtree and 12th streets. 100 6th Street will stand behind the existing 36-story Viewpoint condo tower.
100 6th Street, which will be built along Juniper Street, will have floor-to-ceiling glass, wood floors, granite countertops, and other features for which Novare Group has been known since the delivery of Metropolis in the summer of 2002. Similar to SkyHouse Midtown, 100 6th Street will have a “house” on the 23rd floor 230 feet above street level complete with a pool, lounges and fire pit.
The development will be environmentally sustainable and ENERGY Star certified. The project is also another economic catalyst for the city and will immediately create hundreds of temporary construction jobs and result in 80-100 long term positions once completed while also enhancing the City’s tax basis.
An investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project, and NGI Investments, LLC, led by Jim Borders, and Batson-Cook Development Company are providing equity.
“Midtown Atlanta is a long-time and familiar market to us, with our first development here being Peachtree Lofts in 1995. Seventeen years later and one block south, we are continuing our commitment to one of the best urban neighborhoods in the southeast. We like it, our residents really like it, and it is just a great place to live, work, or do both,” said Novare Group President Borders.
“Our collaboration with Batson-Cook Development Company, UBS Global Asset Management, and Invest Atlanta has worked very well, and we are all pleased to be continuing to add to the Atlanta skyline, in this instance with an affordable component that we hope will attract police officers, firefighters, and teachers to the mix."
The city’s economic development arm, Invest Atlanta, announced last month the approval of tax abatements worth about $3 million for the project that is expected to be completed by late 2013.
Invest Atlanta Director of Business Development Dr. Eloisa Klementich said the mixed-use development was a winner all the way around for those who like to live, work and play in the community. “We’re focused on bringing projects that are really going to continue to drive the economic vitality of the community and really the job growth aspects,” said Klementich, who said the construction portion would generate “about $18 million of new economic output” for Midtown.
She added that when completed, the retail component of the project would within about 10 years generate an economic output of about $3.5 million for Midtown. “These are the type public-private projects where the community wins, the company wins and the city wins.”
Batson-Cook Development Co., Director of Investments Mark Stewart stressed the team approach of the project.
“By leveraging our relationships with parent company Kajima USA and sister company Batson-Cook Construction, we are bringing a new and lasting methodology to product delivery and an alignment of interests that is a powerful formula for success,” Stewart said.
Smallwood, Reynolds, Stewart, Stewart is the architect and Batson-Cook Construction, sister company of Batson-Cook Development Company, is the general contractor.
"You’ll be able to come out of the building and walk 400 feet and be on the southern portion of the Midtown Mile," Borders said. "It’s one of the most walkable mix-use neighborhoods in the Southeast. … You can walk to Starbucks in one minute. You can walk to Technology Square in four minutes. You can walk to the Fox Theatre in five minutes. You can walk to the Varsity in eight minutes. You can walk to Bobby Dodd Stadium and Grant Field in 10 minutes, and I can’t for the life of me understand why anyone would ever want to live anywhere else in the whole world but on this spot."