The Midtown Mile, located on Atlanta’s Peachtree Street, will feature more than 1 million square feet of flagship retail space.

The vibrant Atlanta market might feature a unique mix of urban sophistication and old-world Southern charm, but with a recent boom in arts and entertainment construction projects, the city is becoming an international tourist destination, as well. According to Atlanta nonprofit group Midtown Alliance , the past decade has seen tremendous growth in a number of building segments. President and CEO Susan Mendheim says the addition of high-end mixed-use buildings and condominiums has sparked an influx of residents moving from the suburbs into the city.

Mendheim explains the beginning of the urban migration started after the 1996 Summer Olympics in Atlanta, when many nearby residents began to examine properties throughout the city. Land prices were affordable at the time, and developers began to enter the booming market, as well. “The Olympics put us on the map internationally,” Mendheim says. “People started to see the midtown and downtown districts through different perspectives.”

This growth has accelerated the condominium market. Whereas a decade ago few people chose to live on the city’s Peachtree Street corridors, lately the popular district has been in high demand. “To us, this is one of the most exciting trends,” Mendheim says. “There are very strong projections for growth in the condo segment for the coming years.”

Midtown Alliance’s responsibilities and goals run the gamut from overseeing physical construction programs to developing maintenance initiatives to ensure a clean and beautiful community within the four-square-block radius of Midtown. According to Mendheim, Midtown, with a population of approximately 30,000, is one of Atlanta’s fastest-growing districts. The vibrant community features more than 16,000 multi- and single-family residential units, 900,000 square feet of retail space and more than 3,300 hotel rooms.   

The influx of new residents comes with an increased need for places to live, work and play. High-profile architects and developers are jumping on board and have begun constructing office spaces, attracting a variety of end-users. 

“We actually have eight of the top-10 law firms here, and many signature buildings from well-known architects and designers,” Mendheim says.

Retail projects throughout Atlanta are booming, as well. The city’s Peachtree Street revitalization project, located in the heart of Atlanta, is transforming itself into a flagship retail mecca, fueling more than $5 billion in development within a 14-block space. In addition to more than 1 million square feet of retail space, the project will also feature arts and entertainment attractions located throughout the district.

“This unique blend of places to go and things to do is attracting people to live and work here in Atlanta,” Mendheim says. “That growth is making retail more viable, so the market is on an upward spiral.”

Downtown Designs
Nonprofit organization Central Atlanta Progress concentrates on enhancing the vitality of the downtown community, participating in public policy work, urban planning and economic development. According to President A.J. Robinson, the organization is seeing a significant population boom similar to Atlanta’s midtown district. “There has been an explosion in high-density housing inside the city, where all kinds of new mixed-use development products are being built,” he explains. “We project that these trends will play out over the next couple of decades, which will bode well for central Atlanta.”

According to Robinson, a number of entertainment attractions and cultural centers are under development downtown. “Some of these projects have really put Atlanta on the tourism map,” Robinson says.

Two of downtown Atlanta’s recent developments are the Georgia Aquarium and the New World of Coca-Cola facility, which chronicles the soft drink’s history and rise to fame. “These projects in particular have been so successful so far, that they are leading to other potential projects for these builders, as well,” Robinson adds.

A Booming Market
The job market throughout Atlanta has remained strong, according to Robinson. “Job growth is the No. 1 thing Atlanta can point to in the past 50 years,” Robinson says. “We’ve always been a national leader in terms of consistent job growth, because we’re not tied to one particular industry. We tend not to have big swings in employment, and we’re blessed with a great location in the Southeast, because we’re close to everything.”

These strong employment trends extend into the volatile construction industry, as well. Although construction layoffs are prominent during downtimes, additional markets in the city often make up for downturns in other segments. “This has always been a great place to live if you work in construction and development,” Robinson says. “Even during a slowdown in private work, office buildings, housing and retail are always booming and can make up for the difference.”

Public institution work has remained steady over the years, in education and government office buildings especially. Aside from Washington, D.C., Atlanta is home to the largest concentration of federal office space in the country. “We also have a huge university system, and there is always something being built in education,” Robinson states.