Wow, it is an exciting time to be living in Midtown. Did you know there are about 100,000 people living within 2 miles of Midtown and the median age is 32? Your average family income is $92,500 and the median home value is $332,000.
Here are the changes that are happening in your neighborhood. Do you know about the Midtown Mile? It consists of 14 consecutive city blocks (North Avenue to 15th Street) and will have 1 million sq. ft. of retail space on Peachtree. A major component of Midtown mile is already underway. It’s a 2.5 million square foot mixed-use development and it is Phase I of three phases. 1010 Midtown, a 35-story building, broke ground September 2006. It will have 443 condominium residences and $50,000 sq. ft. of retail space.
Selig Enterprises and Daniel Corporation are developers that control the largest piece of retail on the Midtown Mile. They plan to attract retails unique to the market. These stores will be able to operate on multi-levels to maximize space and deliver that urban, yet sophisticated shopping atmosphere. You didn’t hear it from me, but we may be getting a Barney’s.
In Phase II, the developers will be adding office and hospitality space to the project. Construction is scheduled to start in the summer on a 725,000 sq. ft. office building with 60,000 sq. ft. of retail on the bottom. Part of Phase II is the addition of a 452,000 sq. ft. hotel and condominium building. There is no question; Midtown lacks an upscale, good business class hotel.
Phase III will include about 500,000 sq. ft of office space, 40,000 sq. ft of retail space and a super luxury boutique hotel. This phase will start when the developers are comfortable with how the second phase has progressed. If you’re wondering about parking, don’t worry. The project will accommodate plenty of parking!
So, what do you think? Midtown is definitely a place you will want to live if you’re not here already. Sanctuary Real Estate is in the heart of Midtown and we know Midtown! If you’re looking for an agent who knows what’s going on and what’s hot and new, give us a call 404.644.3146. We would love to find you a Sanctuary in what will be the next New York Madison Avenue.