To no one's surprise, developers of a proposed 350-unit apartment project near the Midtown MARTA station say the rental units could be flipped to condos if the market demands — and they're planning accordingly. Wood Partners officials told the Atlanta Business Chronicle the apartments will have condo-quality finishes to make for easy conversion, though they're confident rents will continue to swell in Midtown for up to three more years. The $85 million project — designed by the folks who envisioned Plaza Midtown and the 12th & Midtown development — will include a 19-story tower and 20,000 square feet of retail on what's currently a four-acre parking lot, the size of a city block. The project's working title is "33 Peachtree Place."
As for the large, 1000-space parking deck, the newspaper reports that half of those spaces would likely be dedicated to tenants of the nearby Ten Peachtree Place building. Given this and other developments, including his own condo project, developer Robin Loudermilk enthused: "I think Atlanta is maturing as a serious urban city," he told the newspaper. "It's true live, work, play. It's really refreshing to see."
· Mixed-use project set for Midtown [Atlanta Business Chronicle]
· Another Apartment Tower Announced In Midtown [Curbed Atlanta]