A national luxury homebuilder has landed the financing needed to move forward with a Midtown high-rise first pitched two years ago.
Toll Brothers Apartment Living, the rental subsidiary of developer Toll Brothers, has formed a joint venture with PGIM Real Estate to build a 36-story apartment tower now called Momentum Midtown, officials announced this week.
The project, as financed with a $96-million Wells Fargo Bank construction loan, will see 376 rentals rise at 1018 West Peachtree Street, a site demolition crews have been clearing in recent weeks that also fronts Spring Street.
A second, slightly shorter Toll Brothers building has been proposed for the site, but that appears to be the focus of a later phase.
Toll Brothers acquired the property—about 1.5 acres total—from Comcast Communications for $21 million, per property records. The developer’s initial plans had called for two residential buildings standing 27 and 22 stories, but floors were later added.
Momentum Midtown will take just over .8 acres of the land. Apartments—all market-rate—will range from studios to three-bedrooms, atop a 431-space parking garage.
Expect a pool on the roof with cabanas, bar, expansive game room, and sky lounge. A coffee bar, coworking spaces, and “luxurious club room” are planned elsewhere, as Toll Brothers reps specified this week.
Momentum Midtown will stand less than a block from where Portman Holdings is now under construction on a 370-unit apartment tower at the northwest corner of Spring and 10th streets.
Roughly four blocks north on West Peachtree Street, Hanover Company is also moving forward with a 31-story apartment tower that will overlook MARTA’s Arts Center station.
We’ve asked Toll Brothers reps for an estimated delivery for Momentum Midtown and will relay any updates that come.
Head to the gallery for more context and an updated rendering released this week.
• Recent Midtown news, discussion (Urbanize Atlanta)