This year, Buckhead's nine-acre park concept, crowned by highways, could emerge from its COVID-induced hibernation. The 161-room Bellyard Hotel offers four varieties of suites and rooms, located in The Interlock complex on the west side of Atlanta with panoramic views of the city skylines. Illuminarium Atlanta is an experiential attraction and immersive event space along the Atlanta BeltLine Eastside Trail, and was the first of its kind. Just south of the market in the city of Ponce, this unique facility offers an outdoor café and a nighttime bar experience.
The impact of the pandemic has almost certainly resulted in a drop in demand for office space, yet lower prices and Atlanta's diversified economy could help subway properties weather the storm to some extent. Despite increasing uncertainty, speculative projects continue to flourish and construction continues, especially in the Midtown submarket which is home to 40 percent of all ongoing office development activity. The table below highlights the 10 largest office projects in progress, using data from Yardi Matrix. Three Ballpark Center and the ThyssenKrupp test tower. Image courtesy of ThyssenKrupp When finished, the 12-story building at 1150 Spring St.
will be the first phase of a larger mixed-use development, which will include a total of 15,000 square feet of retail space and 339 luxury rental units in a separate 12-story tower. In addition to a wide range of services, from bicycle storage to a rooftop terrace, the project will have an underground parking structure with 840 spaces. Developers seek LEED certification. Anthem is the main tenant of the project.
The health insurance company already occupies the recently completed 360,000-square-foot Anthem Technology Center a short distance away at 740 W. Portman Holdings handed over that property in February. Simon Property Group's One Phipps Plaza is a remodel of their Phipps Plaza shopping center and is the largest office project underway in Bucktown. The Atlanta Business Chronicle reported that construction stopped in early April due to the COVID-19 pandemic, although the project could resume soon depending on the response to the health crisis. Located at 3550 Peachtree Road, the 357,589-square-foot office component of the development is a new addition to the site.
The project will also include a Nobu hotel and restaurant, a 10,000-square-foot dining room, and a 90,000 square-foot gym. Midtown Union's office space is one element of a larger development which will include a 250-room hotel, about 87,000 square feet of retail space and 350 multi-family units. In addition 1,900-space parking is planned for this 8.5-acre mixed-use project. The law firm Smith, Gambrell & Russell and Google are anchoring this project. Office amenities include a 1-acre open area above a parking structure which will feature a pool, green space and restaurant. In addition to its office component, this development will have a boutique, a 178-room hotel, 64 luxury condominiums and 25,000 square feet of retail space at its base.
In terms of new construction overall, the real estate landscape in the Atlanta metropolitan area has changed more dramatically since then than almost anywhere else in the country according to a new analysis. The top two places went to Dallas - booming cities in Texas - and then Houston followed by New York Phoenix and Atlanta according to these findings. Researchers working with StorageCafé an online storage space service analyzed 50 major metropolitan areas and tabulated building permits issued for single-family and multi-family buildings as well as square footage delivered for commercial office and industrial projects. The construction of self-storage facilities which generally reflect patterns of residential buildings was also tabulated. The skyline of the city center approximately five years ago Shutterstock In terms of housing an influx of new residents has resulted in a dramatic increase in construction permits for single-family homes during pandemic in Atlanta as happened with two Texas titans. In decade studied more than 222 000 permits were issued for independent housing in Atlanta metropolitan area general. Other estimates show that region has been home nearly 1.4 million people that time period - that's like adding up equivalent next three largest metropolitan areas Georgia Augusta Savannah Columbus respectively since fifth grader from Atlanta was born today. The 1.2 million-square-foot second phase State Farm's Park Center is largest office project underway Atlanta.
Real estate development market over past decade all sectors only metropolitan area Southeast that ranked top 10 beyond Miami ranked No. Atlanta didn't lead any category especially behind Dallas all metrics but overall added enough new developments rank top five country Portman Holdings' 318 226 square foot development 712 West Peachtree being formed just east Georgia Institute Technology campus. Despite initial concerns that COVID-19 pandemic could stop development activity vast majority metro projects continue move forward 22 story project include about 13 000 square feet retail space addition office element. Downtown Atlanta expects surge development city enters world vaccines after COVID As housing influx new residents resulted dramatic increase construction permits single family homes during pandemic Atlanta happened two Texas titans. Microsoft bought stalled Quarry Yards development west Atlanta last year plans build business campus include residential units retail stores historic four block 12 acre mall heart downtown reinvented development continues throughout city.