Forge Atlanta Asset Management has promised to construct nearly $4 billion in futuristic high-rises with luxury condominiums and premium office space along Whitehall Street near Atlanta's jail. However, the developer — newcomer Webstar Technology Group — reported zero revenue and held less than $6,000 in cash months before receiving a $10 million property tax break.
The company defaulted on its $33.7 million mortgage used to acquire the 10-acre project site. Renderings depict twisting skyscrapers towering over Mercedes-Benz Stadium, promising more than 2,300 luxury condos, 950 hotel rooms, and substantial office space.
Kyle Kessler, chair of the neighborhood planning unit, said: "For a development team that doesn't appear to have the experience at this scale, it's that much more difficult to believe that there's the capacity to pull it off."
This is the third development attempt for the property on the border of Castleberry Hill and South Downtown. Webstar, which owns 80% of the venture, also promotes investments through cryptocurrency assets. Unaudited financials show no revenue for 2024 or 2025, a net loss of $1.3 million in 2025, and the company's annual report disclosed it may not continue as a "going concern."
Kessler criticized the lack of community engagement compared to Centennial Yards and South Downtown developers, asking: "At what point is there an opportunity cost with this land being tied up?"
Source: The Atlanta Journal-Constitution