Representatives for a proposed 23-story 320-unit luxury high-rise apartment community to be located at the northwest corner of 6th and Juniper streets presented their plans to the Midtown Development Review Committee (DRC) Tuesday night.
For the most part, DRC members appeared initially satisfied with the presentation by the team led by Jim Borders, president of Novare Group, which along with Batson-Cook Development Co. is planning on delivering “100 6th Street” by 2013 or 2014.
Representatives for the proposed mixed-use offered seven zoning variances for the DRC to consider, which they will do before meeting with Borders and developers of 100 6th Street next month.
The new tower will be situated next door to the 36-story condo tower Viewpoint, which Novare developed and opened in 2008. The new structure is set back into the corner at 6th and Juniper so that both towers will hopefully have views up and down Peachtree. The new tower will basically be where the Loca Luna restaurant and The Armory Bar once were on 6th St.
A look at the high-rise plans Tuesday revealed street-level retail spaces along 6th and Juniper Streets. Along 6th, the three spaces would measure 2,250, 2,230 and 970 square feet. On Juniper, the two retail spaces would be for about 1,500 square feet each.
A three-level parking garage would extend north from the high-rise along Juniper St. A covered pedestrian path would connect the deck and 100 6th Street.
It would appear that parking deck retail space will not be offered along Juniper, and that "window boxes" featuring something aesthetically pleasing would front the street level on Juniper. Some DRC members expressed concerns about the corner of Juniper and 7th streets, where a small pop-up park has been proposed. It was questioned Tuesday if retail could ultimately work there.
Access to the parking deck, which would accommodate 476 spaces, would be available off Juniper and 7th streets.
The residential building will have floor-to-ceiling glass, a rooftop pool and amenity deck, wood floors, granite countertops, and other features.
The project will follow the 23-story 320-unit high-rise apartment building called SkyHouse Midtown that Novare is currently developing at the corner of West Peachtree and 12th streets. Nearby, Daniel Corp. and Selig Enterprises are building 77 12th Street, which is a 23-story, 330-unit apartment high-rise at the corner of 12th and Crescent Avenue.
Over the past 12 years, Midtown has absorbed condominiums and apartments at a pace of approximately 1,000 units per year despite down economies in 2002-2003 and 2009-2011. There have only been 500 apartment units delivered since 2009, and those have been on the periphery of the Midtown proper market outside of the live-work-play area. By applying this historical absorption over the next three years, Midtown would have demand for almost 3,000 units, while only 970 units, including 100 6th Street, are scheduled to deliver.
“With Atlanta creating 35,000 net new jobs in 2011 and 50,000 more projected for 2012, new multi-family housing supply is not only appropriate in this market but inevitable,” said Mark Stewart, director of investments, Batson-Cook Development Company, in a news release. “One million new households were formed last year despite homeownership now at a 15-year low. Younger Americans are clearly deferring home ownership longer in favor of the increased mobility that rental residences brings. 100 6th Street is poised to take advantage of this shift.”
Borders said Tuesday night that 100 6th Street would “be marketed to the 25-34 single demographic – those looking to rent.”
That would appear to follow in line with the notion that in the wake of the economic downturn, more young people are looking to rent within the city limits and near its amenities.
“Midtown is one of the most prominent cosmopolitan centers in the Southeast, where people, business and culture come together to create a true live-work-play community providing a quality of life very dear to its residents,” said Borders. “The Midtown Atlanta apartment market is currently underserved, and this new community, along with SkyHouse Midtown and 77 12th Street, will add much needed new rental inventory for the burgeoning young professional population who prefer to maintain their mobility and therefore not own, but who still want to live in Midtown.”