South Downtown Redevelopment

[smArTaLlone]

[L.ARCH]

The renderings do seem to suggest some sort of pedestrianization of Broad street... note the cobble stone pavers and lack of cars in the renderings. Hopefully they can pull something like that off.

[Street Advocate]

Originally Posted by L.ARCH

The renderings do seem to suggest some sort of pedestrianization of Broad street... note the cobble stone pavers and lack of cars in the renderings. Hopefully they can pull something like that off.

Heard either the city, MARTA, or both are pushing back. Newport wants it pedestrianized.

My rec, make it pedestrianized all the way to Garnett and push them to infill more toward Garnett, too. Done right, it’ll be the destination of the city.

[smArTaLlone]

[Terminus]

Posted in wrong forum

[smArTaLlone]

https://www.bizjournals.com/atlanta/...Pos=3#cxrecs_s

The development firm transforming more than 10 blocks of historic properties in South Downtown is expanding its vision — again.

In its first major move of the year, Newport RE has acquired four new buildings and a surface lot along Broad and Mitchell streets. The acquisitions bring Newport’s portfolio in Downtown up to 50 properties, the company confirmed this week.

Newport’s plans for the buildings were undisclosed, though they will become part of Newport’s years-long efforts to restore and fill historic buildings in Downtown with new office and commercial space, including Historic Hotel Row and the former executive offices for Nations Bank at 222 Mitchell Street, which Newport plans to open this quarter.

This is the first update from Newport in the new year. In September, the firm detailed its plans for the first two ground-up components of its South Downtown development, which are 18- and 21-story residential towers. Newport expects to begin construction this year and to complete the residential project by 2025.

Later that month, Newport also acquired a historic building at 175 Trinity Avenue and 1 acre of parking lots along Peachtree Street. Both properties border existing buildings in Newport's portfolio.

175 Trinity Ave

[smArTaLlone]

The completed project will inlcude a small greenspace.

[smArTaLlone]

[smArTaLlone]

https://www.bizjournals.com/atlanta/...anta-sale.html

Newport RE is under contract with Braden Fellman Group, both sides confirmed to Atlanta Business Chronicle. Braden Fellman is a 42-year-old firm best known for converting factories, warehouses and other older properties into apartments. It owns 2,500 units in Atlanta with another 1,000 in the pipeline. It also has another 550 units in Charleston.

Terms of the agreement between Newport and Braden Fellman Group, including the value of the portfolio, were not disclosed. The deal is expected to close in the fourth quarter.

The 53-building portfolio stretches across Peachtree, Forsyth, Mitchell and Broad streets just east of Mercedes-Benz stadium, an area called South Downtown. The portfolio also includes 6 acres of parking lots viewed as potential development sites.

Newport’s master plan was unveiled in 2016, the height of the last commercial real estate boom, a period of optimism for the rebirth of the old Downtown. It was meant to link billions in proposed projects and surrounding areas, from Underground Atlanta and Georgia State University to Castleberry Hill.

Under new ownership, plans for Hotel Row — a block of historic hotels being restored into restaurants and office space — will remain unchanged. Several tenants are in the design or build-out stages of their spaces, such as coffee shop Spiller Park and Southern restaurant Liz & Leon’s. One tenant, Thai restaurant TydeTate Kitchen, has opened.

[alco89]

This is a bit concerning - I'm particularly concerned about the quality of the apartment towers that were planned on/near Broad St.

I am happy to hear that 222 Mitchell will now be residential instead of office.

[Sojourner_Terminus]

This is absolutely tragic. No way those two residential towers are happening now. Maybe this new firm will be a good owner for Hotel row and 222 Mitchell. But the grand vision that Newport had is finished.

[Libertarian]

Good news, more apartments in south downtown with reasonable rents. Braden Fellman Group knows the area well and how to work within a budget.

[Martinman]

Unless another developer comes along with a similar long term vision this is absolutely horrible news.

[montydawg]

Originally Posted by Martinman

Unless another developer comes along with a similar long term vision this is absolutely horrible news.

Branden fielmen I think will strategically sell assets when market conditions are right. They will probably do minimal renovations to get housing units in place and will strategically sell off parcels when the time is right. Unfortunately, it appears underground atlanta is having the same issues- market conditions are just not right currently for large scale development. Are hopes are with centennial yards

[smArTaLlone]

https://www.atlantadowntown.com/blog...-fellman-group

“We believe in this neighborhood wholeheartedly; our vision was right but our timing was off, and we have the highest hopes that South Downtown will continue becoming a cool, historic, downtown neighborhood that Atlanta deserves,” said Newport CEO Olaf Kunkat. “Simply put, the market changes coming out of COVID, prolonged war in Europe, and recent rise in interest rates led Newport and our South Downtown investors needing to reprioritize capital investments. As a result, Newport will only be focused on investment and development opportunities in our primary market of Germany. As for South Downtown, this decision is incredibly hard and disappointing. We are convinced that the project needs to continue under a U.S. developer and are grateful to have found a uniquely qualified team with deep history in Atlanta to assume the entire portfolio with Braden Fellman.”

“We’re extremely proud of the work we’ve done restoring Historic Hotel Row and setting the stage for South Downtown to be a sought-after destination in our city,” said April Stammel, Senior Vice President of Marketing, Leasing, & Community at Newport. “As part of Newport’s local team that has worked on the ground for the past 6 years, this is incredibly bittersweet. We’ve assembled an amazing portfolio of contiguous historic buildings and vacant land, and I am fully confident this next chapter with Braden Fellman will inject the stability needed to continue pushing the neighborhood forward.”

“Throughout our history in Atlanta, our focus has been reviving historic structures through preservation and enhancing communities, so the opportunity to work alongside Newport’s Atlanta-based team and execute a similar vision is a natural fit,” said Andrew Braden at BFG. “It’s early in the process but we’re excited about the opportunity to leverage our track record in historic preservation and are inspired by the work Newport started to maintain the rich history of the buildings in South Downtown.”

[bryantm3]

That street could use a few canopy trees to frame the buildings, and some seating.

[Julien]

Originally Posted by bryantm3

That street could use a few canopy trees to frame the buildings, and some seating.

Tress yes but unfortunately seating usually=benches=homeless camping/sleeping

[shivtim]

Originally Posted by Julien

Tress yes but unfortunately seating usually=benches=homeless camping/sleeping

Are you so worried about people experiencing homelessness having a place to sit that you would rather nobody have a place to sit? What a bizarre attitude to have toward a fellow human being.

Shade trees and benches, please.

[Samsonikk63]

Originally Posted by shivtim

Are you so worried about people experiencing homelessness having a place to sit that you would rather nobody have a place to sit? What a bizarre attitude to have toward a fellow human being.

Shade trees and benches, please.

I agree, it might be kinda hard to fit some shade tress but we should at least get some seating somewhere.

[testarossa50]

Originally Posted by Samsonikk63

I agree, it might be kinda hard to fit some shade tress but we should at least get some seating somewhere.

A road diet is sorely needed on this street (and many, many other streets in the area). Plenty of space for trees and seating afterwards.