National real estate firm PMG has closed a land deal in the heart of Midtown that clears the way for another new tower to rise.
The pricey parcel—1.27 acres at 811 Peachtree Street—went for $20.3 million, according to reps with New York and Miami-based PMG.
The developer is partnering with Toronto-based private equity and asset management firm Greybrook Realty Partners to build a 33-story, mixed-use tower called Society Atlanta. It would join a dozen other residential developments under construction across Midtown right now, all but three of them climbing 20 stories or taller, with a bevy of others in the pipeline.
The 460-apartment project will qualify for what PMG calls its Society Living multifamily platform, which means a blend of traditional rentals and co-living—or “Rent-By-Bedroom”—options will be offered.
The Cooper Carry-designed building would claim a surface parking lot at the southeast corner of Peachtree and 6th streets. For several years, The Integral Group was planning a visually striking apartment tower called EVIVA Peachtree for the site but eventually walked way in 2018, reopening the lot for parking.
Society Atlanta’s plans also call for 70,000 square feet of offices and 16,000 square feet of retail, with street-level activations along Peachtree. Amenities will include a “massive” pool deck, fitness center, large coworking facilities, and more, according to project reps.
PMG’s Society Living concept was created to “address insatiable demand for reasonable rents close to urban centers.” Developments using that approach have opened, or are under construction, in Fort Lauderdale, Miami, and Orlando, with others forthcoming in Brooklyn, Nashville, and Denver, per PMG.
Those developments offer typical apartments with “efficient layouts”—thus Society Atlanta's whopping 460-unit count—but also co-living options with “oversized amenities” and communal kitchens, according to developers.
In Midtown, PMG expects to break ground next spring and deliver the tower in the first quarter of 2024.
It’ll mark a homecoming of sorts for Emory University graduate Ryan Shear, now a PMG managing partner, along with several other company executives who attended the school.
“The area is growing rapidly with exciting restaurants and entertainment venues, plus a string of recent high-profile office announcements,” Shear said in a prepared statement Monday. “We look forward to being part of Midtown’s evolution and providing an inspiring living experience where many of us started our careers.”
• Recent Midtown news, discussion (Urbanize Atlanta)