Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), and joint venture partner PGIM Real Estate, last week celebrated the topping-out of Momentum Midtown, a new 36-story, 376-unit luxury high-rise rental apartment community in the heart of Atlanta’s Midtown neighborhood. Momentum Midtown is located on a 0.83-acre site at 1018 W Peachtree Street NW.
Constructed on the location that was once Ted Turner’s original broadcasting studio and the birthplace of WTBS, the topping-out celebration at the new apartment community was attended by development partners, local officials, and more than 700 of the project’s construction workers. Financed with a construction loan facility from Wells Fargo Bank N.A, construction commenced in 2021 and resident occupancy is anticipated in early 2024.
“This was an exciting day for all members of the team as we celebrated this huge construction milestone for Momentum,” said John McCullough, President of Toll Brothers Apartment Living in a statement. “This is our fourth luxury multifamily community in the rapidly growing Atlanta market and we’re looking forward to bringing new opportunities for the highly skilled workforce of the area to live in an unparalleled location offering a unique and quality lifestyle.”
Featuring studio, one-, two-, and three-bedroom floor plans, residences at Momentum Midtown will include quartz countertops with tile backsplash, stainless steel appliances, designer custom cabinetry, wood-style LVT flooring, oversized closets, entry nooks, and smart home features. Private balconies and terraces, as well as private yards, will be available in select residences. Momentum Midtown’s rooftop offers unimpeded views of both the Midtown and Downtown Atlanta skylines.
Momentum Midtown will feature a resort-style rooftop pool and lounge with cabanas, outdoor bar, dining room, exhibition kitchen, theater, indoor/outdoor game room, and a sky lounge. Other amenities will include a state-of-the-art fitness center, a co-working space, a club room with coffee bar, beer and wine taps, a dog park and pet spa, high-speed community-wide Wi-Fi, and 435 dedicated parking spaces in the structured parking garage.
“The topping out of Momentum represents great progress for Toll Brothers and for the Midtown region,” said Will Chappell, Director of Development and Construction for the southeast region of Toll Brothers Apartment Living. “We are excited to recognize the potential of this West Peachtree Street corridor as it becomes the epicenter of life, business, and culture for Midtown. Momentum features a striking architectural design that embodies the future of Atlanta, and we look forward to welcoming all those who will soon call it home.”
Momentum Midtown is located within a five-minute walk of the Georgia Institute of Technology campus in Atlanta’s Midtown community between the Downtown and Buckhead neighborhoods. With superior access to I-75/85, GA-400, MARTA rail stations, and Hartsfield-Jackson International Airport, the property benefits from convenient access to many of the area’s major transportation corridors, employment centers and employers, including FORTUNE 500 companies such as Google, NCR, AT&T, and Coca-Cola. Atlanta has the South’s second-largest pool of tech workers. With a location adjacent to Georgia Tech and two blocks south of Google’s planned 475,000 square foot Midtown office, Momentum will be at the center of Atlanta’s tech innovation community.
“We’re thrilled to be expanding our partnership with Toll Brothers and to be celebrating this milestone in the development of Momentum Midtown,” said Joanna Mulford, Managing Director and Senior Portfolio Manager for PGIM Real Estate’s U.S. core equity strategy. “Momentum will benefit from robust tenant demand stemming from its location in the heart of Midtown Atlanta, an area that’s experiencing rapid growth in high-paying jobs, and from its walkability to many restaurants, parks, green space, and entertainment.”
The Toll Brothers Campus Living division is constructing Kinetic, a student housing community at 1025 Spring Street NW, immediately adjacent to the Momentum site. Kinetic is a 34-story rental community for students of Georgia Institute of Technology and other nearby schools. Kinetic is anticipated to open by the start of the 2024-25 academic school year.