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Midtown's Latest Apartment Offering Asks $2/Sq. Ft.

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Midtown's latest high-end apartment project welcomed its first residents last week, and it's fetching rents that some believed impossible for the Atlanta market. The project, called 77 12th Street, is the newest phase of the massive 12th & Midtown development. Offerings include a mix of studio, one and two-bedroom units that rent for $1,485 to nearly $3,000 per month; at more than $2 per square foot, those are some of Atlanta's highest rents, on par with rates other developers including Novare Group have reported in Midtown and Buckhead, the Atlanta Business Chronicle reports. At 77 12th Street, units will be opened in phases as they are finished, and nearly one-third of the total 330 units have been reserved, the newspaper reports. But that's not the only facet of the project in high demand.

The newspaper reports that nearly all of the project's 20,000 square feet of ground-level retail space has been leased, with restaurants including Fig Jam, Taco Diner and BurgerFi slated to open as early as September. Other retailers have been signed, but developers have yet to disclose who they are.

Daniel Corp. developed the tower with Selig Enterprises Inc. and Northwestern Mutual Life Insurance Co. Regarding renting and leasing progress, one Daniel Corp. official told the newspaper, "We're very pleased ? We knew it would be a good product in a good location."

·SLIDESHOW: 77 12th Street welcomes first residents [Atlanta Business Chronicle]

[77 12th Street image via]