People for decades could only peer into downtown Atlanta's Gulch and wonder if anything but pigeons could ever rise from its depths. But on Thursday, a crowd of Atlanta leaders didn't look down. They instead craned their necks up to see a 19-story tower rising above the surrounding sea of parking lots and rail lines.
A grand opening ceremony christened the completion of a 304-unit luxury apartment tower called the Mitchell, the first newly constructed building finished as part of the Gulch's $5 billion reimagining called Centennial Yards. Brian McGowan, CEO of Centennial Yards, said: "We're actually opening our first brand-new building in the Gulch, which a lot of people thought would never happen. This is a historic day."
A partnership between California developer CIM Group and investors led by Atlanta Hawks owner Antony Ressler unveiled the Centennial Yards project — a mini-city populated by apartment towers, office buildings, hotels and a new surrounding street grid. Atlanta leaders in 2018 approved an incentive package potentially valued at up to $1.9 billion, the largest in city history, to support the project.
The Mitchell offers studios and units ranging from one to three bedrooms, with monthly rents from $1,450 to $5,753. Amenities include a rooftop pool with an event lawn, a fitness center, a coworking space, a club lounge, a pet spa, and about 16,000 square feet of ground-floor retail space. Six other new buildings are currently under construction at Centennial Yards, including a boutique hotel called the Phoenix and an 8-acre entertainment district anchored by a 5,300-seat Live Nation venue and a Cosm immersive theater.
Courtney English, interim chief of staff for Mayor Andre Dickens, noted that other downtown investors are following Centennial Yards' lead: "All the folks who are investing in downtown are doing it following (Centennial Yards). They're following the lead of CIM."
Source: The Atlanta Journal-Constitution