Newport RE plans to build two new apartment towers totaling 650 units between them on Broad Street as part of its massive redevelopment of south downtown.
The residential towers will have 18 and 21 floors. They will be built from the ground up and facing each other, standing on the east and west side of Broad Street on several parcels between Mitchell Street and MLK Jr. Drive, and between Peachtree Street and Forsyth. Newport is also planning to renovate some of the historic buildings on Broad Street for retail and restaurant space. Construction is scheduled to begin in early 2023 and be completed by 2025, according to a press release.
The apartment towers are the latest component of Newport’s long-term, $500 million vision to revitalize South Downtown, once a bustling center as part of Atlanta’s beginnings as a railroad city. Newport is putting the finishing touches on its renovations to the historic Hotel Row and Building 222 Mitchell where office, shop and restaurant tenants are already relocating. The company owns 48 buildings and several parking lots spanning about 10 buildings in the area.
The Newport residential project includes the “West Building” and includes 300 units. The East Building will contain 350 units. Both will include a mix of studio, one- and two-bedroom units including several private outdoor spaces.
In 2017, Newport received an $8 million grant from Invest Atlanta for its “South Dwntwn” neighborhood redevelopment plan that includes more than 40 buildings spanning several blocks. As part of the grant, Newport is required to include at least 20% of housing units as affordable housing. The company said it will allocate 70 of the East Building’s units to those who achieve 80% of average median income (AMI). The maximum one-bedroom rent of 80% in 2022 is just under $1,500.
More than 7,000 square feet of retail will also be offered at discounted prices, according to Newport.
The two new buildings were designed by Studios Architecture and will be built by Brasfield & Gorrie.
Adding hundreds of apartments to downtown Atlanta is something many in the city would be coveting as well. Adjacent to the redevelopment of Newport’s “South Downton” neighborhood is CIM Group’s $5 billion Centennial Yards development that also includes new condominiums with retail. The nearby Atlanta subway station is moving into a master planning phase that could include student housing.
“For this to be alive,” he said, “there simply has to be more neighbours.” aBrill Stammell, senior vice president of Newport, in the press release.
“There is a passion for city culture in downtown Atlanta—for more walkability, entertainment, and a desire to be a part of something bigger. We feel very responsible and take very seriously the opportunity to develop the best and highest use of the neighborhood on every inch of the land we own.”