Newport RE, a private real estate investment firm known for its community revitalization efforts, has construction underway, in conjunction with $75,000,000 in debt financing secured via Miami-based BridgeInvest, to develop a key part of the group’s South Dwntn project in Atlanta — 222 Mitchell, a 330,000 square-foot mixed-use campus including a new park and a 27,000 square-foot rooftop complete with panoramic views of downtown.
Since its acquisition by Newport in 2018, 222 Mitchell remains the firm’s largest existing building within the South Dwntn endeavor. The combination of a 1909 brick building and two mid-century modern buildings spanning a full city block, the project plans to return the building to a highly activated and connected street, with restaurant and entertainment venues, retailers, offices, mixed-use spaces, and a rooftop experience, all while “retaining the character and historical relevance of the area,” according to a press release this week.
“We believe 222 Mitchell will be a significant catalyst for the return of South Downtown’s prominence, and we’re committed to reintroducing a fully modern Class A building while preserving the culture and history this neighborhood has acquired along the way,” Kevin Murphy, Executive Vice President of Newport, said in the release. “Great partners, and creative lenders like BridgeInvest, who align with our transformative vision and believe in what’s to come are essential for our work moving forward.”
With a special interest in providing short-term, senior-position commercial real estate bridge loans that target opportunistic and value-add transactions throughout the Southeast and Central U.S., BridgeInvest’s financing of 222 Mitchell serves as one of the firm’s largest transactions in the Atlanta market to date.
“At BridgeInvest we have a passion for projects that help revitalize local submarkets,” Alex Horn, Managing Partner of BridgeInvest, said. “We are thrilled to be able to provide financing to the South Downtown Development, a project that seeks to transform existing assets into unique office space, while simultaneously revitalizing a part of the city with historical significance.”
JLL Capital Markets arranged the financing on behalf of Newport.
“As the true epicenter of historic Atlanta, the financing of 222 Mitchell represents an important milestone in the revival of Atlanta’s South Dwntn neighborhood,” Matt Casey, JLL Managing Director, Capital Markets, said. “By breathing new life into one of Atlanta’s most remarkable buildings with top quality office spaces and retail experiences throughout, Newport continues to create an environment with desirable mixed-use amenity base for the entire city to enjoy in the years ahead.”
In addition, JLL’s brokerage teams represent Newport in leasing efforts for both the office and retail opportunities throughout South Dwntn. Pre-leasing of the 250,000 ssquare feet of Class A creative office is currently ongoing, led by Brooke Dewey and David Horne, with the limited remaining retail inventory being leased by Coleman Morris and Iggy DeQuesada.
The reimagined development continues to secure tenants, including Pins Mechanical, an Ohio-based arcade & game bar, plus recently-announced experiential rooftop concepts from Atlanta-based Slater Hospitality that will arrive in the form of a modern diner complimented by a cocktail lounge counterpart.
Across the street, Hotel Row will house How Crispy, a counter-service chicken sandwich eatery plus Slater’s carry-out pizza shop Pizza Clementine and basement cocktail bar Thirteenth Floor.
Ohio River South, a high-stakes strategy firm, will be relocating its headquarters to the Sylvan building within the development.
Balfour Beatty has started construction for 222 Mitchell which is slated for completion in the first quarter of 2023.