The pandemic has brought on a lot of changes, most of which are anticipated to fade. However, with employers slow to implement return-to-office plans, developers are finding themselves in limbo trying to renovate existing residential buildings to accommodate people working from home while also finding creative uses for vacant office buildings.
What’s New?
Stonecrest resorts are redeveloping the shuttered mall at the Stonecrest location. The goal is to create a new lifestyle and entertainment center anchored by a new aquarium. The move signals yet another new development that is transforming old buildings into new destinations given the trend of retail and lifestyle shifts.
Decatur and Atlanta have long-held strife over whether the tax base rightfully belongs to Atlanta or whether Decatur should exist on its own. This debate has been amplified with potential plans of the county to create a “city of North Decatur”, a move that would bring along with it 82,000 residents. Developers and owners should be paying close attention as the move could have many development opportunities.
Ponce City Market is getting an update with another tower in the lot directly adjacent to the property on Ponce de Leon Avenue. Jamestown Properties is developing a hospitality “living tower” designed for both the needs of short-term and long-term residents. The anticipated project cost is anticipated to be $175 million.
The 1105 West Peachtree office building development is a new 675,000 sq. ft. building that includes 20,000 sq. ft., 64 residential units, and a 178-key hotel. This is an interesting project to watch as work trends shift and is set to finish in the fall of 2022.
Exciting Projects Transforming Atlanta
One of the most anticipated projects around the city is the new life sciences collaboration between Tramell Crow and Georgia Tech. The new development is expected to have 365K sq. ft. of speculative lab space in addition to a 280-unit residential building, all developed by High Street Residential, a subsidiary of Tramell Crow.
SJ Ventures enters the second phase of their $750M Interlock project. With recent approval from the city of Atlanta, the Atlanta-based developer is set to break ground on a five-story, 670-bed student housing unit above Publix Supermarket. The final phase of this Interlock project will also include 180K sq. ft. of office space, public green space, and six fast-casual restaurants.
Jim Irwin and New City Development are undergoing another project set to transform Atlanta. This time, the project is placed between Fourth Ward Park and Atlanta’s iconic Beltline. The space is designed to be allocated for a new plaza featuring mixed-use developments that are set to be unveiled next year.
Midtown Union is a sprawling project that includes offices, retail space, hotels, and even a large public plaza. The project is set to be completed in the fall of 2022, with Invesco as its only tenant.
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Georgia Digest