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Midtown on the Build: Too Many Apartments?

Immovable Media provides a video peek at the progress of a trio of Midtown apartment projects. 

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?

Chris H February 02, 2013 at 09:30 PM
For all the people that think these new apartments will be empty; after less than a month being open, Skyhouse is 42% full. A commenter on skyscraperpage Atlanta construction board put together this spreadsheet showing which units have been rented and the price. The data was gathered from Skyhouses webpage. http://i916.photobucket.com/albums/ad1/jsimms3/SkyHouseMidtownCurrentLeasingActivity2-1-13_zps5f560897.jpg
JM Hurricane February 02, 2013 at 09:57 PM
Thanks for the chart. Interesting note, all the studios are basically gone. People WANT to move to Midtown but for as low as possible. Smart move for the renter, actually.
Ms. February 03, 2013 at 05:04 PM
I have a friend who just moved into Skyhouse because it's close to his job. Incredibly nice place, gorgeous cabinets, granite counters, it doesn't look like a rental, and it's a place a person could actually be proud to say they rent.
Ms. February 03, 2013 at 05:15 PM
Thanks for mentioning this. It seems many people just look at what it costs (actual rent v. mortgage) in that one monthly payment number, and decide it's a better investment to own. There's so much more to it than that. I had a friend that just bought her dream home and 6 months later, had an urgent and necessary plumbing project that cost 6k, or in the case of my parents, their furnace went out just a couple of weeks ago, 8k, and the house isn't really that big. These types of repairs or just the regular upkeep and maintenance, can really cause a financial mess. People have been brainwashed to believe that ownership is the end all, be all. It's nice to see people waking up from this myth. Btw, in response to the suggestion that renters are "bad" for a neighborhood... Most are working professionals who spend their money in the shops and stores, volunteer, and contribute to the neighborhood just the same as owners.
Southern Girl March 24, 2013 at 12:29 AM
I agree. There are a lot of retirees in Midtown. I meet them weekly, when our "kids" aka dogs, decide to stop and sniff each other, lol. I somehow find myself in deep conversation with them, and many of them have huge luxurious estates in another city, but also have a condo in Atlanta. I usually find that they are from other southern states and to them Atlanta is as big city as they want to get.

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