With talk of relaxed interest rates and boundless prosperity (not really) on the horizon, 2024 holds promise of being an interesting time in the arena of real estate development.
Naturally, the City of Atlanta is positioned to be in the thick of it.
With so much happening in so many corners of the metro, it's tough to whittle down, but below are a half-dozen picks for development stories that should play out in fascinating ways across this brand new year.
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6. Westside’s rise
How tiered greenspace neighbors Echo Street West's main timber-built office building.
After several pandemic and post-pandemic years that saw a flurry of new construction, Westside neighborhoods such as English Avenue show promise of becoming more vibrant with jobs, housing options, and a budding restaurant scene this year.
With construction on its first phase in the books, Echo Street West aims to open its first three retailers this spring, to complement its Westside Motor Lounge and 292-unit Vibe apartments. A few blocks away, the Modera Westside Trail project is fully under development, with another almost 400 units in the pipeline. And come March, the first move-ins are expected to commence at Science Square’s new residential tower.
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5. Buckhead Village growth spurt
Should developers' plans come to fruition, Buckhead Village will look like a mini version of Midtown’s crane nest in coming months.
Chicago-based developer CA Ventures has erected cranes for a 22-story building with nearly 500 luxury apartments on East Paces Ferry Road. Across the street, another company based in greater Chicago, Harbor Bay Ventures, is advancing plans for a 20-story, mixed-use tower that would claim an empty lot and be partially constructed of mass timber.
About a block south of that site, New York-based Tidal Real Estate Partners plans to build a 21-story project that would consume nearly a full block of the village. All low-rise properties at that site are currently vacant and boarded up, awaiting demolition.
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4. Potential South Downtown rebound
Where renovations to 19th-century brick buildings along Mitchell Street conclude. Josh Green/Urbanize Atlanta
Late December brought the bombshell news that Newport RE’s years of work buying up (and fixing up) a large chunk of South Downtown might not be for naught after all. Atlanta Ventures—the Buckhead-based company behind Atlanta Tech Village, one of America’s largest startup hubs—has stepped in to take the reins on more than 50 buildings and 6 acres of parking lots across some 10 blocks.
If a well-attended tour of downtown on the first workday of 2024 is any indication, these guys are motivated.
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3. Midtown’s high-rise residential boom
Construction progress on the 31-story Society Atlanta tower as seen in December from the corner of Peachtree and 6th streets. Josh Green/Urbanize Atlanta
Another year, another several hundred new places to live in central Midtown.
Hot openings (and relatively big buildings) on the ’24 radar include Society Atlanta and JPX Works’ Emmi Midtown (both recently topped-out) and the two-tower Momentum Midtown.
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2. Continued BeltLine connectivity
At long last, we’ve entered the heyday of Atlanta BeltLine construction, with planning, digging, and actual concrete-pouring happening all around our fabled 22-mile loop. Truth be told, 2025 looks like the really monumental year for new BeltLine segment openings on the south and west sides of town.
But don’t sleep on the Northeast Trail’s next phase, which is on schedule to open sometime this fall. It might be a mere .9 miles in length, but it’ll provide the final missing link of BeltLine connectivity stretching all the way from Ormewood Park/Grant Park up to southern Buckhead.
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1. The rise of a true Atlanta skyscraper
Skyward West Peachtree Street view. Rockefeller Group; Brock Hudgins Architects; TVS
Devote ATL development watchers have waited 15 years for another high-rise to truly change the city’s skyline in a prominent way, but that should start changing in 2024.
With most of its footing in place and construction cranes standing, all signs point to Rockefeller Group’s 60-story skyscraper 1072 West Peachtree starting to make its mark over Midtown in coming months. It’ll be the city’s tallest new building since 1992. And not since Sovereign Buckhead—a condo tower built in 2008 as the tallest residential building in Georgia history—has one structure promised to make such a visual impact.
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