Details have emerged about the rumored conversion of the apartments atop the Loews Atlanta Hotel to condos, with the Atlanta Business Chronicle reporting TriBridge Residential will be taking on the task as leases expire this year. Riding on a 71-percent rise in average intown condo prices in the last four years, the 52 units will hit the market starting at $600,000. In their former incarnation, the apartments rented for between $2,500 and $7,000 a month. The building is part of Daniel Corp.'s 12th & Midtown development, and its apartments-to-condos transformation follows in the post-Recession footsteps of fellow Midtown tower The Atlantic. But it's hardly enough to call a trend. At least not yet.
For the past few years, Atlanta's booming housing market has focused heavily on rental units rather than condos. Possibly an indictment on Millenials dead-set on the merits of renting over buying, the concept as a whole bucks the trend of Atlanta being one of the few cities where a majority of people buy. Many developers who had planned condos in pre-Recession Atlanta opted to go with apartments to fulfill market demand, but to allow for condo-conversions in the future. Well, it's the future, and with a changing economic climate in post-Recession Atlanta (and the alleged loosing of lending standards), it's a safe bet we're poised for more condo-conversions. The success of the 1065 Midtown flip could prove to be a litmus test for similar conversions across the city. It'll be interesting to see which apartments follow suit.
· 1065 Midtown apartments to convert to condos [Atlanta Business Chronicle
· Will 2013 Mark the Comeback of the ATL Condo Project? [Curbed Atlanta]
· Proposed Midtown Apartment Project Could Flip To Condos [Curbed Atlanta]
· Poll: Which Pioneering Condo-Apt. Conversion Triumphs? [Curbed Atlanta]
· Ground Breaks on Two More Midtown Apartment Towers [Curbed Atlanta]