In just a few months, developer Portman Holdings could break ground on its third major office project in Midtown’s Tech Square district.
Dubbed 712 West Peachtree, the John Portman and Associates-designed tower would rise 23 stories and feature some 15 floors of offices and 5,000 square feet of retail space at the corner of Third and West Peachtree streets.
The forthcoming office building, which the Atlanta Business Chronicle reports could be under construction by early summer, would neighbor Portman’s Anthem office building—the home of the Fortune 500 health benefits company—and its computing tower Coda.
Both of those are 21-story projects under construction, but Coda finished its ascent in September.
The Anthem project has lagged behind schedule and is now expected to be complete by March 2020, whereas Coda could deliver by this spring.
The to-be-erected 712 West Peachtree building is slated to cost roughly $150 million to build and produce more than 2,000 new jobs for the Tech Square market, although no office tenants have yet been announced.
Developers told ABC the leasing success they’ve seen with the Anthem and Coda projects enabled the 712 West Peachtree project to move forward.
And it likely didn’t hurt that, in November, Invest Atlanta approved a $110 million lease bond incentive for the project that essentially equates to about $5 million in property tax savings over 10 years.
Elsewhere in Tech Square, site work has begun on the $575 million new headquarters for railroad giant Norfolk Southern, which is moving to Atlanta from northern Virginia.
Sited at the corner of Third and Spring streets, the Cousins Properties-developed project would span roughly 1.4 million square feet—the size of all three Portman towers combined—and include a glassy, 23-story office tower.
- Portman moving forward on third Tech Square tower [Atlanta Business Chronicle]