MetLife Plans Mixed-Use Project in Midtown Atlanta
- Mar 09, 2018
MetLife Investment Management is moving forward with the first phase of a mixed-use redevelopment project in Midtown Atlanta that will feature about 500,000 square feet of Class A office space, 87,000 square feet of retail, a 20-story hotel and a 350-unit apartment building.
JLL is providing project management and leasing services for the development at 17th, West Peachtree and Spring streets.
“Midtown Atlanta is thriving with companies, retail outlets and restaurant venues relocating to the area, cementing the district’s reputation as a lively hub for work and play,” Tom Ryan, Southeast regional director of real estate for MetLife Investment Management, said in a prepared statement. “This will be a great complement to the area’s many cultural attractions, such as the Woodruff Arts Center, the Center for Puppetry Arts and Center Stage.”
The asset management division of life insurance giant MetLife has been assembling parcels at the site since 2006. The proposal for 1295 Spring St. has been submitted to Midtown Alliance, a non-profit organization that helps guide development in Atlanta’s Midtown area, for its review. JLL will be filing a Special Administrative Permit application with the City of Atlanta next week, according to Ryan.
Phase I is part of a longer-term, multi-phase redevelopment, which will cover approximately 8.5 acres. The first phase will include a 25-story office tower designed to achieve LEED certification, residential units, retail and a 20-story hotel. In addition to JLL, MetLife Investment Management worked with Miami-based Arquitectonica to create the master plan and with Atlanta-based architecture firm Cooper Carry to lead the building design.
“We’re presently marketing the commercial components in an effort to secure pre-leasing, and we have had strong interest in the project. We’ve not yet decided if the project would move forward on a speculative basis,” Ryan told Commercial Property Executive in an e-mail.
Asked whether any hospitality companies had expressed interest in the hotel site, Ryan said, “We’ve had hotel flag discussions, in addition to a range of prospective Phase I tenants across the office and retail spaces as well. We will provide more information as and when we have something we can share.”
MetLife Investment Management isn’t the only developer eyeing Atlanta’s hot Midtown area, which has numerous planned and under construction projects. In October, North American Properties broke ground on a mixed-use Midtown Atlanta redevelopment called Colony Square. The three-phase process will be comprised of five buildings at 11976 N.E. Peachtree St., on the corner of 14th N.E. Street. It will feature entertainment offerings, retail, restaurants and a food hall, along with about 172,000 square feet of office space. The first phase is due for completion this summer.
Also expected to come online this summer in Midtown is a new dual-branded AC, Moxy hotel from Marriott International and Noble Investment Group. The $70 million, five-story project was announced last March and will have entrances on 13th and 14th streets. The 133-key AC Hotel Atlanta Midtown and the 155-key Moxy Atlanta Midtown will share a deck-top amenity level with a rooftop pool and bar.
Image courtesy of MetLife Investment Managment