Development

Across two decades, here's a timeline of the key moments for an intown real estate game-changer, the Atlanta BeltLine trail

With just over two years left to complete the Atlanta Falcons stadium, crews of 750 are working six days a week to meet the August 2015 deadline to build the core of the 1.9-million-square-foot, $1.4 billion stadium that will rise 30 stories over Northside and Martin Luther King Jr. drives.

Wedged between Monroe Drive and Piedmont Park, Amsterdam Walk is a quirky commercial area populated by about two-dozen small businesses. The BeltLine-adjacent shopping center is slated for a major overhaul by Atlanta developer Portman Holdings. Here are renderings for the project and what we know so far.

The excitement about new development obscures an awkward fact that the city and developers have to reckon with: Downtown already has more buildings than it has people who want to occupy them. It already has more road, rail, and bus capacity than any eastern U.S. downtown south of Washington, D.C. On weekdays, there are plenty of people there. The problem is that, at 5 p.m. on Fridays, the place clears out. Downtown Atlanta is often filled with a large, diverse group of people, but not many of them are residents.

For decades, local development authorities and state economic officials have handed out hundreds of millions of dollars to help build high-rises, subsidize warehouses, and woo out-of-state businesses. Why should private companies and well-financed property developers get a cut of public funds?

Eviscerating a century-old office building and refashioning it into apartments is no easy feat. Older offices are nonpliable, stubborn things, riddled with secret problems and outdated floor plans. But the hassle was worth it for Centennial Yards Company, the developer behind a 162-unit project called the Lofts at Centennial Yards South, a remake of half of the long-vacant Norfolk Southern Buildings.

Darin Givens—cofounder of ThreadATL, a nonprofit advocacy organization that aims to influence city planning and policy—explains why this cross-section of Forsyth and Poplar streets in the Fairlie-Poplar District has it all.

What Newport had toiled for seven years to accumulate took David Cummings less than two months to purchase, through deals with seven different lenders. As of this writing, Atlanta Ventures’ new LLC, SoDo Atlanta, now owns all of Newport’s former holdings, save one. Cummings isn’t disclosing yet what he paid for such a hefty chunk of downtown, but says he’s pleased with the sale price: “You never know what something’s worth, [but] it feels good right now.”