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Midtown Mile Shines Brighter

With the market slowing bouncing back from the prolonged recession, the economic light of prosperity truly could be ready to shine on the Mile.

The “Midtown Mile” is a tad brighter now after the boutique condo building 805 Peachtree officially flipped the switch on its new signage and exterior lighting on Monday night.

Take a look at the pictures and tell us what you think?

And with the Monday opening of a new restaurant, Cucina Asellina, following the December opening of STK, how are you feeling these days about the Midtown Mile and its future?

The original goal for the Midtown Mile was to along Peachtree Street between the Woodruff Arts Center and North Avenue create a special high-end shopping district that would rival New York City’s Madison Avenue and Chicago’s Magnificent Mile.

But that was conceived seven years ago or so, and last year, some of the city’s biggest in-town developers began developing a new concept for the Mile. Where once 1 million square feet of retail space was envisioned for the Mile, the goal is now in the neighborhood of 600,000 square feet of existing and planned retail spanning 5th Street to the Arts Center.

According to a study last year sponsored by the Midtown Alliance, Midtown serves a population of approximately 1.1 million people, which is “38 percent larger than the typical U.S. shopping center trade-area population” according to the consumer research firm Alexander Babbage Inc.

The firm went on to report that Midtown residents venture to Midtown restaurants for dinner on an average of almost eight times per month with four out of 10 of those Midtowners spending $300 or more per month. It also concluded that nearly one in four Midtown residents spends at least $1,000 per season on apparel.

There’s no doubt that developers want to continue to bring in the type of retailers that some of Midtown’s young and lucrative demographic is craving. It would appear that with the market slowing bouncing back from the prolonged recession, the light truly could be ready to shine on the Midtown Mile.

But what do you think? What types of retailers would you like to see come to the Midtown Mile?

C.S. Simpson February 22, 2012 at 02:32 PM
I remember hearing about the possibility of an Apple store in the 1010 Building. And what happened about the plans to open Cafe Intermezzo there this spring? Was that pushed back? Shelved? Because of the economy, it seems like the retail and other businesses coming in will need to have deep pockets to survive.
Mike February 22, 2012 at 07:27 PM
Wow I think that looks great! Definitely an improvement. I wish more building owners in Atlanta would focus on aesthetics... As far as retail... the area could use an urban grocery market (like Savi Urban Market in Inman Park), cosmetic store, a shoe store for both men and women like ALDO or Puma, something unique to the market like Uniqlo or Top Shop, marc by Marc Jacobs, J. Crew, A/X, Zara, Forever 21, Levi's Store, Apple or an electronics store and they need to lower the rent so more independent stores and restaurants can survive... Viewpoint has a nice big sidewalk for a bunch of cafes with patio dining and it would add so much to the streetscape but they probably charge too much in rent!! Lower the rent until things become more popular or else all of this space is going to sit empty for a very long time. And Dewberry needs to build his massive development at 10th and Peachtree - what a huge wasted space in the middle of Midtown! This city needs to do more to attract companies to the city so we can fill up these office buildings and construct more! That will lead to more residential growth...
Hunt Archbold (Editor) February 22, 2012 at 07:40 PM
The Atlanta Business Chronicle reports today that BGC Partners Inc., out of New York plans to acquire nearly all of Grubb & Ellis Co., which is the fifth largest commercial real estate brokerage in Atlanta. http://patch.com/bvaWY
Chris H February 22, 2012 at 07:57 PM
The two new apartment towers currently under construction will help bring more bodies into Midtown, which will help spur more retail, restaurants, etc. Very exciting times. The fog is beginning to lift from this recession.
Chris R February 23, 2012 at 04:37 AM
As Chris said (kinda), there need to be more people of all statistics moving into Midtown. As condos sales are still at a price low, Apartments get people here now. The more people, the more retail, the more shops. We need to not just be focusing on the high end reasons to invest in midtown, but all the reasons. Why is there no longer a Dunkin Donuts in Midtown? Why is the Publix at P'tree Pl and Spring the costliest in Atlanta? The wrong reasons. Midtown development has been focused in two dimensions. North/South on Peachtree, and Up on Peachtree. Walk a block and a half off Peachtree and you are in either houses or parking lots lined in fences. NO value to establishments on Peachtree. Development needs to be "3D". There need to be things off of Peachtree to bring more value TO Peachtree. Luckily these new 2 apartment complexes will help. Hopefully more developers will follow.
Hunt Archbold (Editor) February 23, 2012 at 01:10 PM
Liking some of the insights here...Several media outlets are reporting that IMG Worldwide and the law firm Duane Morris have signed long-term leases at 1075 Peachtree. IMG Worldwide, one of the world’s leading sports media and marketing companies, signed a 15-year, 36,000 square feet deal and will consolidate from two locations from the Cumberland-Galleria and Buckhead areas. The lease takes effect in April. Duane Morris, which inked a nine-year deal that will see it take over an entire 27,8989 square-foot floor at the mixed-use tower, will relocate from its Atlantic Center Plaza in Midtown come summer.
Jennifer Kjellgren February 23, 2012 at 03:56 PM
I am really optimistic for Midtown. Midtown Alliance continues to be innovative (Greenprint Midtown) and while the economy has been difficult - several places have done well (Steel, Empire State South). I agree with Chris and think the fog is lifting!
Hillary Quinlan February 25, 2012 at 07:09 AM
Nova and I opened Revolution 11 Vintage Market & Studio in the Metropolis Building at 921 Peachtree St. in October of 2011. This community is not only hungry for "retail", they're hungry for local entrepreneurs with an unselfish objective that includes passion, philanthropy, innovation, sustainability and creativity. We hear it every day. It's not just about retail. It's about relationships. There's no place I'd rather be living, working and PLAYING my heart out. -hq
KamdenATL February 25, 2012 at 06:53 PM
I believe that Cafe Intermezzo is still scheduled to move into 1010 later this year... plus, a tex-mex restaurant from Texas (can't remember the name) is also moving into one of the Peachtree storefronts at 1010 as well.

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