Source: Bisnow Atlanta
Atlanta burned hot and bright for quite a few real estate sectors, along with a portion of the city's major interstate. New projects transformed the skyline, solidified the metro area's status as a major e-commerce distribution hub and are positioning Downtown Atlanta for a renaissance. Here are the biggest commercial real estate stories in Atlanta this past year.
1. The Gulch, HQ2 And Downtown's Resurgence
Los Angeles-based CIM Group is the latest to offer up a vision for one of Atlanta's biggest barren spots, the 27-acre Gulch site in Downtown Atlanta.
Bisnow first reported in November that an unknown party filed permits with the City of Atlanta to redevelop the site with a staggering amount of commercial real estate: more than 9M SF of office, 1M SF of commercial, 2,100 apartment units and 1,500 hotel rooms.
Later reports revealed CIM to be the developer. Many expect the project is being teed up for the potential Amazon HQ2 project. The online retail giant has yet to announce a list of finalists for the $5B project, but many expect Atlanta to be among the contenders. Georgia's pitch to Amazon included a handful of properties that would fit the retailer's requirements, the Gulch among them.
But the huge project is the tip of the iceberg for Downtown Atlanta.
A number of developers are positioning themselves for what could be a new renaissance for the area, from Carter and its partners redeveloping the former Turner Field into a stadium for Georgia State University, along with mixed-use developments around it geared toward the student population, to WRS' April purchase of Underground Atlanta with plans to redevelop the popular site with a mix of retail and student housing, to Newport US RE's acquisition of key, historic downtown buildings just south of the Five Points MARTA station to create a $200M revitalization with a mix of retail, restaurants, art galleries, office spaces and apartments.