Newport RE is planning its first new, ground-up development in South Downtown.
The development and investment firm on Monday shared renderings for two new buildings along Broad Street, one rising 18 stories and the other at 21 stories.
It marks Newport’s “first moves in thoughtfully layering new, ground-up construction into the fabric of historic architecture that lines the street,” according to an announcement.
In total, the two buildings will include 650 units with a a mix of studio, one-, and two-bedroom homes. The towers will also include spaces for more than a dozen retail and restaurant concepts, officials say.
“This block of Broad Street is currently lined with mostly empty buildings, underutilized parking garages and surface parking lots, destined for creative infill,” says a press release. “Nevertheless, the block feels distinct and special within Atlanta due to the scale of the historic buildings, detailed façades, wide, pedestrian-oriented sidewalks and the colorful murals that remain.”
Studios Architecture will lead the project design, and Brasfield & Gorrie is the general contractor.
Construction is slated to begin in 2023, with both blocks set to deliver in 2025.
Through a partnership with Invest Atlanta, one of the buildings will dedicate 20% of units for those making 80% of the average median income (AMI) and more than 7,000 square feet of retail will also be offered at reduced rates.
“For this to be a neighborhood, there simply have to be more neighbors,” April Stammel, Newport senior vice president, said in the press release. “There’s a craving for city culture in Downtown Atlanta — for more walkability, entertainment and a desire to be part of something bigger. We feel a great responsibility and take very seriously the opportunity to develop the best and highest use for the neighborhood on every inch of the land we own.”
Newport RE has spent years acquiring properties in South Downtown. Initially, it has focused on reviving historic buildings along Hotel Row, as well as renovating the massive 222 Mitchell building.
Earlier this year, more retailers were announced for Hotel Row, including coffeehouse Spiller Park.