Midtown Atlanta Twin Towers

[URBAN GURU]

Two 40-story towers planned for Midtown
$450 million project includes offices, hotel, condos

By WALTER WOODS
The Atlanta Journal-Constitution

Published on: 11/09/06

Developers Daniel Corp. and Selig Enterprises are planning a major mixed-use development with twin 40-story towers near the Atlanta Federal Reserve.

The developers have under contract three acres at 1075 Peachtree St., between 11th and 12th streets, and plan to break ground on the project early next year. The development would open in 2009.


Plans include 400 hotel rooms and 100 condo units.

The site was owned by the trustees of the late local benefactor Michael Carlos.

The $450 million project will include 668,000 square feet of office suites, 400 hotel rooms and 100 condo units. The project will be across the street from Daniel and Selig's previously announced condo project, 1010 Midtown.

Both projects will have significant and large retail components as part of the Midtown Alliance's strategy to create Chicago-style retail along Atlanta's most famous avenue.

[kenc]

I have never been to Atlanta, but have to go. The amount of new construction there is really incredible.

[tamtagon]

I have never been to Atlanta, but have to go. The amount of new construction there is really incredible.

Ya.

Every time I start to think Dallas may be poised move ahead of Atlanta in terms of proposed/approved high desnsity development, an announcement like this appears.

Even perpetually optimistic, advertisorial comments like:

"Both projects will have significant and large retail components as part of the Midtown Alliance's strategy to create Chicago-style retail along Atlanta's most famous avenue."

...have a strong base in reality. Peachtree Street from the Georgia State Capitol in downtown to The Mansion on Peachtree in Buckhead presents the opportunity to experience a fantasticly varied urban environment. It's pretty sweet....

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12th & Midtown The partners have strategically assembled three city blocks at the intersection of Peachtree and 12th streets to create a robust master plan in the heart of Midtown, which will feature more than 1.2 million square feet of Class A office space, over 500 hotel rooms, more than 600 residences and up to 150,000 square feet of flagship retail space. The development is designed to enhance the pedestrian streetscape and to maximize views of the Atlanta skyline and Piedmont Park. The street level has been carefully designed to accommodate the demands of world-renowned flagship retailers, including 35-foot-high storefronts and super-graphic displays, for a commanding presence along Atlanta’s Midtown Mile. The retail features are akin to the much heralded Magnificent Mile in Chicago.

12th & Midtown will consist of the following components:

-- Phase 1: 1010 Midtown, located at 1080 Peachtree Street
Announced in August, this 35-story high-rise will offer 443
residences and up to 50,000 square feet of flagship retail and
dining space. Construction is underway and the first homes will be
available in the fall of 2008. More information is available at
www.1010midtown.com.

-- Phase 2: located at 1075 Peachtree Street
Construction of this project is slated to begin in the spring of
2007. It will consist of a 725,000-square-foot Class A office
tower, up to 60,000 square feet of flagship retail space and a
400-room luxury hotel topped with 100 signature residences.

-- Phase 3: located at 1125 Peachtree Street
The third component of the project will include an additional
500,000 square feet of Class A office space, 40,000 square feet of
flagship retail and a boutique, five-star hotel topped with a
select number of luxury residences.

[URBAN GURU]

[tamtagon]

I kinda miss Kaya and The Metro.

[kenc]

Does anyone else see Atlanta going the same way as Miami as far as a 10 year supply of high end condos? The city is impressive, but I foresee a decade of "dark towers" at night. Where are all these buyers coming from? Atlanta simply does not have the International appeal that New York or Chicago has.

[I45Tex]

Georgia-North Carolina-Virginia are fortunate to be located in the middle of the U.S.' vigorous new most populous region, the South, and its established moneyed former most populous region, the Northeast. There's a demographic booster that Texan enterprise does not benefit from. As a sidecar on that vehicle, I read that affluent people from that huge pool in the Midatlantic states (+ New England) have been known to move to Florida and feel like it's a bit too far from their friends and family, but find moving a few hundred miles back to be more acceptable.

[I45Tex]

Also, all of my reading indicates that entrepreneurship is strong in the Southeast and especially the Atlanta area.

[tamtagon]

Does anyone else see Atlanta going the same way as Miami as far as a 10 year supply of high end condos?

Nah

Atlanta simply does not have the International appeal that New York or Chicago has.

Not yet.