As the original “terminus” of Atlanta, South Downtown evokes the City’s beginnings and now its future, thanks to a swell of renewed interest.
Fueled by a number of catalytic projects soon to be underway, South Downtown is poised to undergo enormous transformation in the coming years. Newport US RE has acquired over 45 buildings south of Five Points MARTA station. The multi-phased project will include renovating many of these historic buildings and repopulating with residents, retail, and small businesses in this walkable, 8-block grid. Underground Atlanta, a $250 million planned redevelopment will include a mix of housing, creative office, and a restored “underground” retail and food hall. CIM Group’s reimagined 30+ acre redevelopment of the “Gulch,” will reconnect much of the street grid and create a vibrant, urban walkable district.
Restoration and adaptive-reuse of the former Atlanta Constitution Building at 143 Alabama is also slated to happen shortly, with developer Pope & Land proposing a nearly $40 million overhaul of the building. Just a few blocks south, Gallman Development Group repurposed the MC Kiser Lofts, an old shoe factory into 40 units of loft style housing.
Listed on the National Register of Historic places, Castleberry Hill is a funky, historic, mixed-use district with a burgeoning artist population who occupy much of its residential lofts and galleries. It’s no surprise that this neighborhood continues to draw investment interest.
Castleberry Park, south of Mercedes-Benz Stadium, will include a 200-room Reverb Hotel by Hard Rock, along with 130 apartments. The Home Depot Backyard, the 13-acre area adjacent to Mercedes-Benz Stadium, features programs and experiences that bring together local residents and sports fans alike.
Smith & Porter Railside Flats is currently under construction and plans to deliver 115 multi-family apartment units along Atlanta’s historic rail line. Fulton Supply Lofts, an adaptive re-use project, is also bringing new residents to the area.
The Grant Building was recently purchased by Kramer Real Estate and H2 Capital, with plans for a $5 million renovation and refreshed leasing strategy. Across the street, the Healey Building recently completed a $1.5 million renovation of the ground floor commercial spaces.
The City of Atlanta’s premier pedestrian space (and now well-loved lunch spot), Broad Street Boardwalk, creates outdoor seating for the adjacent restaurants and spaces for special events.
The historic Candler Building is undergoing a major renovation from an office building to a Hilton Curio hotel, expected to open in 2019 with around 265 rooms.
Woodruff Park – a destination for students, residents and office workers alike – has undergone a significant revitalization thanks largely in part to a $200,000 Heart of the Community Grant from Southwest Airlines. Recent upgrades to the Park include a Game Cart, additional staffing, and a host of seasonal programming.
A nod to its roots as a place where entrepreneurship flourishes, Sweet Auburn welcomes two community-oriented spaces to the neighborhood. Constellations, a civically and socially-minded co-working space, and the Awethu House, a co-living and collaborative space, have opened in restored, historic buildings along the Avenue. Georgia State University’s recently opened Creative Media Industries Institute (CMII) also provides industry collaboration and entrepreneurial training to students.
With Downtown’s student population growing (50,000 students and counting), demand for student housing is also on the rise. 120 Piedmont will deliver 685 beds of student housing in 2019. In total, there around over 2,000 student housing units under construction or in the pipeline for Downtown.
Driven by their student growth, Georgia State University has expanded their campus to Summerhill, a neighborhood just south of Downtown. Carter, in partnership with Oakwood Development and Healey Weatherholtz Properties, is redeveloping the old Turner Field site, a 72-acre mixed use project in downtown Atlanta with GSU as the premier anchor.
The neighborhood of “SoNo” has experienced a wave of new investment interest in both large and small projects just south of North Avenue. The Byron, one block north, added 65 housing units to the neighborhood.
Emory University is slated to build their Winship Cancer Institute Tower, thanks to a $400 million gift from the Robert Woodruff Foundation.
Investment in one of Atlanta’s most recognizable office assets has proven to pay dividends, as a number of companies and start-ups have decided to make Downtown’s Bank of America building home, including Gro Solutions (200 jobs), Flexport (350 jobs), and countless others.
Key sites such as the Atlanta Civic Center remain a significant opportunity for Downtown. The Atlanta Housing Authority purchased the site from the City of Atlanta in late 2017, and is in the early stages of master planning the site that will likely include a mix of uses. The long vacant and visible Medical Arts Building will be preserved and soon renovated as boutique hotel.
Home to many of Atlanta’s thriving tourism and hospitality assets, the Centennial Park District is slated to add a significant number of new residents over the next few years with the additions of Post Centennial (438 units) and Generations Atlanta (336 units).
The Georgia World Congress Center’s 2020 Vision calls for noteworthy upgrades to the GWCCA’s campus, including a new convention hotel, a contiguous exhibition facility, and other capital projects. The $25 million renovation of Centennial Olympic Park was recently completed.
To the southwest, the NBA’s Atlanta Hawks have completed a $200M renovation of State Farm Arena, with a focus on fan amenities and experience. The Georgia Aquarium has also announced a $100 million expansion for a state-of-the-art shark and marine predator exhibit.
With around 3 million hotel room nights demanded annually in Downtown Atlanta, hotel development is stronger than ever, with 4,000 new hotel rooms under construction or in the pipeline.
Since the 1996 Olympic Games, $2.4 billion has been invested in the area immediately adjacent to Centennial Olympic Park. An additional $1 billion is under construction or planned for the area.