Midtown office, residential project at 14th will move forward as ‘spec’ space

Last week, we revealed new renderings and information about a proposed project at 14th and Spring streets, next to the Connector.

Slated to include 250,000 square feet of office space and 330 residential units, the project would mean big changes for a long-abandoned lot. But with no lead tenant for the office tower, the project seemed unlikely to begin construction soon.

Turns out that’s not the case.

According to multiple sources, developer Greenstone Properties intends to build the two-pronged project without a lead tenant. The group filed plans with a special administrative permit (SAP), indicating the project could move forward in the fall.

Greenstone

Kicking off construction without a business signed to fill the space could signal that the Midtown market is bullish for more prime offices. In fact, according to the Atlanta Business Chronicle, not a single spec office building has risen in Midtown since the Great Recession.

Bisnow reports the apartments will be branded as NOVEL properties, with Charlotte-based Crescent Resources taking the lead on that portion.

With a new Whole Foods rising across the street, and more than 1,000 new apartments in the neighborhood, northern Midtown is flexing its muscles.

Greenstone

• Developer to ‘go spec’ on $100 million Midtown office building [Atlanta Business Chronicle]
• Greenstone, Crescent Takes First Steps With 12th & Spring Project [Bisnow]
• Details emerge for two-pronged Midtown development along the Connector [Curbed Atlanta]