ATLANTA — Daniel Corporation and Selig Enterprises Inc. are partnering with lender Northwestern Mutual to develop the fourth high-rise tower of 12th & Midtown, a $1 billion mixed-use development in Atlanta. Appropriately named for its address, “77 12th Street,” the new apartment tower will rise 23 stories on the corner of 12th Street and Crescent Avenue. The property will include 330 luxury one-bedroom and two-bedroom apartments, as well as a 20,000-square-foot retail component, expected to feature a collection of restaurants and sidewalk cafes, as well as pedestrian and pet-friendly streetscapes.
Projected rents for the sustainably-oriented apartments start at $1,500 for one-bedroom units and $2,250 for two-bedroom units. Features will be similar to those found in the 1010 Midtown high-rise condominiums, including 10-foot ceilings, granite and stone kitchens and baths, stainless steel appliances, and full-size washers and dryers.
Amenities on the top level include a 5,000-square-foot club room, game room and sky deck adjacent to a 4,000-square-foot fitness center that overlooks the Midtown and Atlanta skylines. A private terrace level with a zero entry salt water pool, as well as multiple grilling and outdoor function areas, includes spaces for large gatherings or more private retreats. The community will offer 24-hour concierge and security services as well as secured and controlled parking.
The first units are expected to deliver in early 2013, after a construction start this month. The project’s total completion time is twenty months.
As a whole, 12th & Midtown is a mixed-use master-planned development featuring Class A office towers, luxury hotels, residences and retail (aerial shown below). The development encompasses the intersection of Peachtree and 12th streets and extends along 12th from Juniper to West Peachtree Street. Each phase has been planned to maximize view corridors and to enhance the pedestrian streetscape with details such as landscaped sidewalks, decorative street lamps, hardscape, and signage.
Development of 12th & Midtown began in 2006 with the $200 million dollar tower 1010 Midtown. The 35-story tower includes 425 luxury condominiums rising above 50,000 square feet of street-level retail and restaurant space. The second and third high-rise towers, 1065 and 1075 Peachtree, are integrated mixed-use structures featuring 725,000 square feet of Class A office space, 60,000 square feet of retail space, the 414-room Loews Atlanta Hotel and 52 residences, 10 Sixty Five Midtown. Equity partners with Daniel Corporation include Selig Enterprises, Inc., Canyon-Johnson Urban Funds and Metropolitan Life Insurance Company; and financers for the project include Citicorp USA, Inc., Hypo Real Estate Capital Corporation and now Northwestern Mutual.
— Dan Marcec