What developers say is the tallest building to rise in the city of Atlanta since the Great Recession has reached a construction milestone, setting the table for its completion this fall.
The final construction beam atop the 31-story office tower at 1105 West Peachtree Street in Midtown was recently installed and the project will be finished on time, according to developer Selig Enterprises.
That’s an important step for Atlanta’s economy, because it shows that financial backers believe demand for new buildings will return despite the coronavirus, said Steve Baile, chief operating and development officer at Selig.
“Questions about the future of office space and hotels are questions that have been around our industry for years, even before the pandemic,” he said. “You just stick with the fundamentals.”
The office tower is nearing completion at a time when many white-collar workers continue to work from home amid COVID-19, raising concerns about the future of office buildings. Many companies have not said when employees will return to the office.
The 410-foot building at West Peachtree and 12th Street will include 675,000 square feet of office space with two confirmed major tenants, Google and the law firm Smith, Gambrell & Russell.
It is part of a broader $530 million development that includes two other buildings: a luxury condominium tower called 40 West 12th and the first Atlanta location of the boutique hotel Epicurean. The hotel and condo tower are expected to open in the third quarter.
Midtown has several other construction projects that remain in progress, such as the new headquarters for railroad operator Norfolk Southern and an additional office tower for health insurance provider Anthem. But some Midtown developments have remained stuck in neutral, such as No. 2 Opus Place on 14th Street.
The 1105 West Peachtree tower is located between two MARTA rail stations, Midtown and Arts Center. Any development that makes it easy for residents and workers to use transit will reduce stress on road traffic, said Darin Givens, president of the urbanism advocacy group ThreadATL.
It’s also a bonus that 1105 West Peachtree is replacing a surface parking lot, which was an eyesore and not conducive to transit, Givens said.
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