Real Estate Notebook: Towering over Piedmont Park

Toll Brothers Apartment Living has paid almost $13 million to secure a site for its new tower overlooking Piedmont Park.
The deal involved multiple properties at 14th Street just west of Piedmont Avenue and a short walk to one of the most popular areas of Piedmont Park, the active oval loop.
Toll Brothers worked with property owners including St. Jude’s Recovery Center, according to Fulton County property deeds. Toll Brothers Inc. (NYSE: TOL) paid over $5 million an acre for the development site, according to Databank Inc.
Last year, the Pennsylvania-based company came before the Midtown Development Review Committee with a plan for the site. It proposed a 17-story, 175-unit apartment project. Brock Hudgins Architects is leading the design.
The tower will rise on multiple sites, including 250 14th Street, according to Databank Inc. Two existing apartment buildings with 20 units at the back of the property would remain untouched by the new project, according to preliminary plans presented to the Midtown Development Review Committee.
The Committee suggested Toll Brothers could explore options for street-level retail at the project.
Toll Brothers has several intown Atlanta towers in the works, including another one in Midtown along West Peachtree Street. That project would blend nearly 600 units of market-rate and student housing.
Toll Brothers could not immediately be reached for comment.
Downtown trophy hitting the market
Dilweg Cos. is putting its downtown trophy 101 Marietta Street tower on the market.
It is expecting offers of at least $225 a foot, or more than $150 million.
CBRE is representing Dilweg.
Final offers will likely come sometime later this spring, and a deal could close by the middle of the year.
The Durham, N.C, real estate investment has quickly growing into one of Atlanta’s largest office landlords. In the past year, its Atlanta portfolio has expanded to more than 2.2 million square feet, making it one of the 10 largest owners of office properties in the metro region. It owns 6.2 million square feet throughout the Southeast.
Dilweg Cos. is putting its trophy 101 Marietta Street tower on the market.
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Dilweg Cos. is putting its trophy 101 Marietta Street tower on the market.
Dilweg Cos.
Dilweg’s 36-story 101 Marietta Street is the firm’s signature tower in Atlanta. It’s part of downtown’s Atlanta Arts & Entertainment District.
It has WeWork as one of its anchor tenants.
The building is also just blocks from Georgia State and Centennial Olympic Park, and it overlooks the so-called Gulch, one of the city’s largest and most
complex development sites where Los Angeles developer CIM Group plans a more-than 10-million square-foot mixed-use project.
The tower’s tenants also have a short drive to the restaurants, entertainment and other amenities of West Midtown.
The sale of 101 Marietta will be closely watched.
Woodfield Development is planning the project in Atlanta’s SoNo neighborhood.
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Woodfield Development is planning the project in Atlanta’s SoNo neighborhood.
Dwell Design
Downtown is seeing a surge in apartment development, a sign of confidence in the area’s ability to attract new companies and high-paying jobs. In the SONO district, a 16-story apartment tower is the latest sign of revitalization. Woodfield Development, a South Carolina-based real estate company, is planning the new 280-unit tower.
Others are in the works.
Despite the area’s ongoing resurgence, companies exploring downtown for space will see a bargain for rents compared with areas of Midtown, Buckhead, new towers in West Midtown and along the Beltline’s Eastside Trail.
Dilweg paid $68.8 million for 101 Marietta Street in 2015, according to Fulton County property records.
 
By Douglas Sams – Commercial Real Estate Editor, Atlanta Business Chronicle
https://www.bizjournals.com/atlanta/news/2020/02/23/real-estate-notebooktowering-over-piedmont-park.html
 

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