Officials: Forge megaproject closes on downtown land, eyes groundbreaking

The new year could be monumental for a multi-pronged, billion-dollar development with scale that would reshape downtown Atlanta, according to project leaders and backers in powerful places. 

Officials with Webstar Technology Group and its development subsidiary Forge Atlanta Asset Management announced on Wednesday a land deal has closed that sets the stage for multi-phase Forge Atlanta, a MARTA-connected megaproject planned near Centennial Yards, Mercedes-Benz Stadium, and other landmarks. 

Closing on the 10-acre parcel at Ted Turner Drive and Whitehall Street—underused acreage just north of Interstate 20, with wide empty swaths today—marks the “official launch” of Forge Atlanta’s path toward high-density redevelopment, according to officials. 

Forge Atlanta’s development team includes well-known companies with hands in projects across metro Atlanta. Next steps call for finalizing financing (more on that in a minute) and moving into a more active launch and construction mode next year. Webstar’s forecast calls for a ceremonial groundbreaking in mid-2026, with city officials and neighborhood leaders in attendance, followed by the beginnings of vertical construction, per the announcement. 

The crypto-backed project is being promoted as “the city’s largest mixed-use development”—a bold statement in the home of Colony Square, Atlantic Station, block-sized Ponce City Market, and newcomer Centennial Yards.  

At the outset, an emphasis will be placed on Forge Atlanta homeownership, and phase one plans call for roughly 600 for-sale, luxury condo units. That will be joined in the initial phase by a 300-room hotel and about 60,500 square feet for retail and entertainment. Future phases call for the addition of affordable housing and public spaces, according to Webstar and company.  

The purchase price for the 10 acres wasn’t disclosed. We’ve asked Webster reps for that information, specifics on where phase one could be built onsite, in addition to other inquiries. This story will be updated with any additional details that come. 

Webstar 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.” It announced in May it was pursuing the Forge Atlanta project. Some observers have voiced skepticism about Webstar’s business practices, including the origins of Forge Atlanta and a sibling, $650-million concept north of Atlanta in Commerce called Bear Village. 

Wednesday’s land-closing announcement, however, included effusive praise from executives at companies active in Atlanta commercial real estate and other officials. 

Webstar and its subsidiary will lead development and own 90 percent of the project, but others now on board include: Kimley-Horn (lead engineering firm); Nelson Worldwide (architects behind Buckhead’s St. Regis Hotel and The Battery Atlanta); Skyline Engineering (quality control); Turner & Townsend (development management); and potentially Skanska (general contractor), pending additional negotiations. 

“Kimley-Horn is proud to support Forge Atlanta and apply our engineering expertise to a project that will help redefine the future of downtown Atlanta,” said company vice president Kate Triplett in a statement. “This development represents a significant investment in the community, bringing new opportunities for residents, visitors, and local businesses.” 

Former Atlanta City Council member Ceasar Mitchell, now an attorney with Dentons and Forge Atlanta’s local counsel, added that the “acquisition of the development site exemplifies the project’s growing momentum” and that “[t]his important milestone portends very positive traction for the development.” 

“After working with Forge Atlanta Asset Management over the last several months on the feasibility and due diligence,” said Turner & Townsend senior project manager Drew Knight, “we’re excited to be a part of the team and ready to help deliver this amazing development.” 

In terms of community engagement, Forge Atlanta leaders are planning to host public meetings with nearby neighborhoods such as Castleberry Hill and Mechanicsville, along with workforce development programs and other events throughout 2026 and beyond, per project heads. 

Develop Fulton, the Fulton County economic development authority, approved a nearly $224-million incentive package in October that would lend tax breaks to the project’s first phase, should it deliver as planned. The initial phase is expected to be a $756-million total capital investment, per Webstar. 

The bulk of that cost ($532 million) would go toward the condo portion, which would be subject to standard tax assessments. Develop Fulton has estimated the initial phase could generate roughly 2,100 construction jobs and 900 permanent ones, according to project leaders. 

Webstar’s CEO, Ricardo Haynes, said the path forward for Forge Atlanta will involve traditional real estate financing and compliant blockchain technology, in addition to Develop Fulton’s proposed inducement. That means institutional loans and equity, along with bond issuances, for the publicly traded company. Plans also call for condo presales to inject the project with additional capital, per Haynes.

In terms of less-conventional financing, Webstar spelled out its plans as follows in the Forge Atlanta announcement: 

“… the development team plans to introduce an optional digital-asset component that allows more people to participate in the project’s future income through a regulated token program on the independent Torch RWA platform. 

When token sales occur, a portion of the proceeds is expected to support a managed investment fund that helps keep HOA fees lower for future condo owners.

This feature is designed with full compliance in mind, including identity verification and U.S. securities requirements. It does not replace traditional financing, but rather adds a new, carefully structured opportunity for qualified participants.” 

“We are opening the door for residents, investors, and communities to participate in Atlanta’s growth,” said Haynes in a statement. “We are grateful for the support of Fulton County and our best‑in‑class partners and look forward to delivering thousands of jobs, new homes, and public spaces for downtown Atlanta.”

The Forge Atlanta 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 gangbusters renovation endeavors are just north of the site, too, and other walkable attractions in the area include State Farm Arena, Underground Atlanta, and the Reverb by Hard Rock Hotel. 

Webstar leaders have said 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 had 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. 

Forge Atlanta's new website indicates the "transformative .... destination" could one day total about 8.4 million square feet. For context, that would be more than six times the size of Bank of America Plaza, the tallest building in Atlanta. 

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