A technology firm with a growing interest in Sunbelt real estate says it has placed a sprawling downtown Atlanta site under contract, enlisted a global architecture company, and modified plans for a mixed-use district of transformative scale.
In May, officials with an LLC called Forge Atlanta Asset Management signed a Letter of Intent to buy and redevelop the massive Forge Atlanta project where downtown’s underutilized, industrial southernmost blocks meet Castleberry Hill. That LLC is 80 percent owned by Webstar Technology Group, which describes itself as a pioneer in the “tokenization of real estate assets” with a goal of redeveloping “urban and resort landscapes through smart design, community focus, and cutting-edge technology.”
Webstar has now officially put The Forge site under contract, according to a Monday announcement. A potential purchase price for the 10-acre property wasn’t specified.
The acreage is immediately south of the former Gulch property where CIM Group’s Centennial Yards has begun transforming a 50-acre slice of downtown with new ground-up development. Atlanta Ventures’ South Downtown holdings and renovation endeavors are just north of the site, and other walkable attractions in the area include Underground Atlanta, Mercedes-Benz Stadium, State Farm Arena, and the Reverb by Hard Rock Hotel.
According to Webstar, the site is already fully entitled and zoned to allow for up to 15 million square feet of development density. An earlier proposal by Urbantec, which bought the property for $26 million in 2021 and lost it to foreclosure two years later, called for roughly 3 million square feet of development.
How the 10-acre Forge Atlanta project would lord over I-20, as seen looking west, toward West End, according to early renderings. Courtesy of Urbantec Development Partners
Webstar has partnered with architecture firm Nelson Worldwide—the designers behind Johns Creek’s Medley district and Coal Mountain Town Center in Forsyth County, among other sizable projects in the metro—for a revised The Forge masterplan.
According to Webstar’s announcement this week, that plan will include: a mix of luxury and middle-income housing; an entertainment complex; a conference center; boutique and luxury hotel options; office and flex spaces; a public plaza and greenspace; and restaurants and retail, among other uses.
Webstar points to more than 50 projects underway downtown—including the $5 billion in public and private investment at Centennial Yards—as proof of downtown’s economic vitality and demand. The Forge, per Webstar, could be a major contributor to the city’s transformation.
“The Forge is positioned to become a next-generation smart city hub—fusing lifestyle, innovation, and connectivity," said Webstar CEO Ricardo Haynes in a prepared statement. “Our mission is to create a sustainable, high-density urban district that sets a new benchmark for placemaking in the Southeast.”
The 10-acre site where Ted Turner Drive meets Whitehall Street in the broader context of downtown. Courtesy of SSG Realty Partners
Cancelled plans for Forge Atlanta, looking east toward Summerhill.
Courtesy of Urbantec Development Partners
Webstar is pursuing what it calls a “broad-based capital strategy” that includes “a combination of institutional financing, digital asset tokenization, and a forthcoming stock offering” to finance The Forge vision. Officials have promised more announcements detailing “funding milestones,” groundbreaking timelines, and tenant partnerships as the development process moves forward.
No visuals detailing revised The Forge plans have been released.
According to earlier site plans, Forge Atlanta would have erected seven buildings around a central plaza, with a potential pedestrian bridge spanning active railroad lines to Castleberry Hill. The site was formerly the distribution center for Gourmet Foods International, which relocated to a larger facility in Decatur several years ago,
The Forge isn’t Webstar’s first big idea in Georgia this year.
The company in February also picked Nelson Worldwide to lead architectural designs of a $650-million concept called Bear Village Resort in Commerce, about 65 miles northeast of Atlanta off I-85.
In September, Atlanta-based investment firm SSG Realty Partners listed for sale The Forge’s site (asking price: $86 per square foot) at the intersection of Ted Turner Drive and Whitehall Street. SSG called the area downtown’s “Ring of Fire” and “one of the most dynamic development corridors in the Southeastern U.S.,” in that it’s undergoing more than $10 billion in investment, per the sellers’ estimates.
Forge Atlanta's former site plan, illustrating possible building arrangements, uses, and a potential "Highline" pedestrian bridge link to Castleberry Hill. Urbantec Development Partners; designs, Nelson Wakefield Beasley & Associates; via Office of Zoning and Development/submitted
Along with the Bear Village Resort concept, Webstar’s website mentions a Nevada gold-mining and potential resort endeavor but shows no completed projects.
Across Atlanta, projects of much smaller scale have struggled to get off the ground in the face of post-pandemic inflation and other headwinds. In real estate terms, downtown might be hotter than at any time since the Olympics (if not the middle of last century), but it all begs the question …
...
Follow us on social media:
Twitter / Facebook/and now: Instagram
• Downtown news, discussion (Urbanize Atlanta)
