Midtown has attracted millions upon millions of dollars in development over the past several quarters. Atlanta has been starved for residential development since the condo market crashed five years ago and scared most residential investment away, but now firms are racing to add units to Atlanta’s supply as demand for high-end, in-town units soars through the roof.
Miami’s The Related Group is the newest development firm to want a piece of what’s happening in Midtown right now. The firm has submitted plans for two high-rise residential towers at the corner of 14th Street and W Peachtree. The 2.2 acre site is currently home to a couple of parking lots. Construction for this project would be conducted in two phases, the first including the construction of 400 units and about 15k SF of retail space. The second phase would include the second tower and additional retail/office space. If plans for the project are approved, it could break ground as early as 2015.
This isn’t The Related Groups first attempt to break into the Atlanta market. In 2006, the firm submitted plans for a $2 billion mixed-use project named CityPlace Buckhead on 16 acres where East Paces Ferry and Roxboro Roads meet; the project included 6 condo towers for a combined 5/12/3,800 units. The plug on this project was pulled when the economy crashed in 2007 and the Atlanta market was faced with serious oversupply issues in terms of condo units. The Related Group is currently working with Simon Property Group on a two-tower project behind Lenox Mall. The first of the two proposed towers is expected to break ground by the end of the year.Share