In downtown Atlanta, a mixed-use proposal of immense scale that tumbled into foreclosure two years ago is back on the table and set to move forward in some capacity, according to a technology firm with a growing interest in Sunbelt real estate. 

Officials with an LLC called Forge Atlanta Asset Management have signed a Letter of Intent to buy and redevelop the massive Forge Atlanta project where downtown’s underutilized, industrial southernmost blocks meet Castleberry Hill, according to an announcement issued Thursday. 

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.”

Previously called Forge Atlanta, the 3-million-square-foot downtown proposal is referred to in Webstar communications as The Forge Project, or simply The Forge. 

How the 10-acre Forge Atlanta project would lord over I-20, as seen looking west, toward West End.Courtesy of Urbantec Development Partners

According to Webstar, The Forge’s site is “fully entitled and shovel-ready” with direct access to MARTA rail and Interstate 20. If previous renderings are any indication, the transformative scope of the project would add a new dimension to downtown. 

The development mix would include “boutique and condo hotel rooms,” flex spaces, a sports entertainment complex, restaurant and retail, a cultural center, and other residential facets. The site’s current zoning allows for the highest density in the city, according to Webstar.

Life-sciences components that were integral to the former Urbantec Development Partners proposal for the site—initially called Artisan Yards—are not mentioned.  

“This acquisition marks a significant milestone in Webstar's strategic expansion into high-density urban development,” Ricardo Haynes, Webstar’s CEO, said in the announcement. “With this LOI, we are poised to bring new life to Atlanta's urban core while creating long-term value for our investors and stakeholders.”

We’re reached out to Webstar officials for information on when The Forge development could break ground, and what components would be built first, and we’ll update this story with any additional details that come. Webstar notes in the release that further information on The Forge site’s acquisition and financing structure will be revealed in coming weeks.

Webstar says its committed to tokenizing The Forge using blockchain technology. That means, through digital securities offerings, investors “will be able to purchase fractional ownership in the project via dividend-paying digital tokens, offering unprecedented liquidity and transparency in commercial real estate investing,” per the announcement. 

Forge Atlanta, looking east toward Summerhill. Urbantec Development Partners; designs, Nelson Wakefield Beasley & Associates; via Office of Zoning and Development/submitted

The Forge Atlanta proposal as seen from over Interstate 20. Urbantec Development Partners; designs, Nelson Wakefield Beasley & Associates; via Office of Zoning and Development/submitted

It’s not Webstar’s first big proposal in North Georgia to make a splash this year. 

In February, the tech company picked veteran firm Nelson Worldwide to lead architectural design of a $650-million concept called Bear Village Resort in Commerce, about 65 miles northeast of Atlanta off I-85. Nelson Worldwide’s work includes the Medley project in Johns Creek, The Battery Atlanta, St. Regis Hotel in Buckhead, and a new town coming together in Forsyth County, among other sizable projects. According to Webstar, Nelson Worldwide is also now onboard to help bring The Forge to fruition.  

Back in September, Atlanta-based investment firm SSG Realty Partners listed for sale The Forge’s 10-acre redevelopment 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.  

The 10-acre property had been purchased by Urbantec for $26 million in early 2021, before going back to its lender in early 2023. 

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 Mercedes-Benz Stadium, State Farm Arena, and the Reverb by Hard Rock Hotel. 

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

According to early 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, setting the stage for redevelopment that has yet to find footing—unit, just maybe, now? 

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