ATLANTA—Wood Partners has kicked off construction on a $100 million, 369-unit residential and retail development known as 33 Peachtree Place. The project sits on the site of a former parking lot on West Peachtree Street in Midtown Atlanta.
Atlanta's first project to tap natural gas for heating, cooling, water, and cooking, 33 Peachtree Place will feature high-rise and mid-rise apartment building and 20,000 square feet of street-level retail space. Wood expects the project to open its doors by the third quarter of 2016.
“Our goals for 33 Peachtree were twofold: Develop a community that blends in seamlessly with the surrounding community and create homes that will appeal to a variety of different types of residents,” says Bennett Sands, Wood's director for new and existing projects in Georgia, Tennessee, Alabama, Mississippi and Louisiana. “We achieved both of these goals as this project will offer both high-rise and low-rise units.”
Wood was strategic with its site selection, citing a strong demand for apartments in Midtown Atlanta as job growth has outpaced housing supply. Wood's research shows Midtown's population—which includes students, academics, artists, and upscale professionals—grew 105% from 17,000 in 2000 to 35,000 in 2010. And that's not where the story ends. The area is expected to attract another 17,000 residents by 2016.
33 Peachtree Place is located in the heart of Midtown, a pedestrian-friendly urban environment near Georgia Tech University. The development offers quick access to highways, is literally steps away from the Midtown MARTA rail station, and is close to 200-acre Piedmont Park.
Alex Carrick, chief economist for Reed Construction Data, tells GlobeSt.com projects like 33 Peachtree characterize a construction trend in the region: “One significant trend in commercial building affecting the Southeast is the move towards mixed-use projects that combine offices, retail space, condo residences, and even manufacturing facilities,” he says. “Out of the 40 largest upcoming commercial construction projects in the Southeast, nearly half will be mixed-use facilities.”
Balfour Beatty Construction is building 33 Peachtree Place. Architecture and interior design firm Rule Joy Trammell Rubio designed residential units.
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