An investment group spearheaded by Atlanta tech entrepreneurs David Cummings and Jon Birdsong is acquiring Newport's South Downtown portfolio — a collection of historic buildings and vacant parking lots spanning 10 blocks in downtown Atlanta. The pair, known for founding Atlanta Ventures and the Atlanta Tech Village incubator in Buckhead, are moving forward with transactions designed to prevent foreclosure on the properties after a previous development deal collapsed.
Newport executive April Stammel confirmed the transaction and indicated she will join the new development team. While deal terms remain undisclosed, the acquisition represents a significant shift following failed negotiations with another Atlanta-area developer earlier in 2023.
In a blog post, Cummings and Birdsong stated they aim to "ensure South Downtown maintains and accelerates the momentum" initiated by Newport, with 2026 — when Atlanta hosts World Cup events — as a target deadline for progress on their vision. Cummings plans to establish a second Atlanta Tech Village location and invest hundreds of millions in redevelopment over coming years, incorporating low-rise housing, startups, restaurants, and connections to nearby Georgia State University and the Atlanta University Center.