So much development is going on in Atlanta; there are scaffolds, cranes and mounds of dirt being turned at almost every corner. It may be a complete eyesore as you make your way through the city, but it’s surely exciting to see Atlanta growing and developing into a bustling metropolitan area. I’ll take a moment to highlight what seem to be the most discussed happenings around Atlanta that will definitely affect and/or be affected by the real estate market.
Midtown Apartment Project – Development of another mix-use project is planned to start in the first half of 2014. According to Curbed Atlanta contributor Tyler Estep, the proposed 350-unit apartment building near the Midtown MARTA station has been billed by its developers as “the first high-rise multifamily project in Midtown Atlanta to solely use natural gas for home heating, hot water and cooking.” Even though the developers expect rental rates to continue to increase over the next 3-5 years, they are designing the units with condo-quality finishes so they can be easily converted if the Atlanta real estate market demands. The $85 million dollar real estate project appears to include a 19-story tower with retail space the size of a city block and a parking garage stacked on top.
MARTA Expansion to the Northern Suburbs – There’s talk about extending MARTA transit service 11.9 miles north of the North Springs station in Dunwoody to Alpharetta. A market overview report by Kimley-Horn and Associates Inc. shows tremendous growth in North Fulton since 2000. The population has grown by 27% and housing units by 30%. There are many questions and much conversation around this topic. Is this growth sufficient enough to justify and to support this expansion? How will this expansion affect the Atlanta real estate market? Should Midtown and Buckhead be worried that they’ll lose their high-end office space mojo to a transit-connected Alpharetta? Will there be a flock of Fortune 500 companies to the area? or Will the fears of a crime spike and a shady transit administrative group steal the thunder of the project before it even gets going? A public meeting is scheduled for September 26. Either way, it’s been noted that paying for the extension with public money is a far stretch.
Mixed-Use Howell Mill Residences – If you’ve been around Howell Mill lately, you may have noticed some serious change over the past few years. The area has definitely become a new attraction to the west side of Atlanta, and developers are taking advantage of the opportunity. Coming to the area soon is a five-story residential complex of 265 private residential units that have yet to be announced as condo or apartment units. According to Josh Green of Curbed Atlanta, the architect describes the project as having “the timeless beauty of historic mill buildings with a contemporary twist.” From the looks of it, the building could be the residential component of a much larger project. It’ll include a dog spa, rooftop pool and two levels of parking that can’t be seen from nearby streets.
Atlanta is definitely maturing as a true live, work, play city. This type of growth and development will certainly have a noticeable impact on the Atlanta real estate market.
Tell us about any exciting developments you’ve heard about around the city of Atlanta!