435 New Homes to Add to Buoyant Atlanta Midtown Neighborhood
ATLANTA – Aug. 11, 2015 – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., has broken ground on Modera Midtown, which will be a new high-rise apartment community situated in the city’s art and technology district and second-largest business center.
The mixed-use community will feature 435 luxury apartment homes spanning 29 floors in culturally rich Midtown, a neighborhood filled with an array of theaters, museums and arts centers. Perched between the financial district of Buckhead to the north and the commercial district of Downtown to the south, Midtown also serves as a key business hub with 15.5 million square feet of Class A office space.
“This is one of the most vibrant neighborhoods in Atlanta, and we’re excited to have the opportunity to add to the eclectic, business-savvy atmosphere,” said Harvey Wadsworth, vice president for Mill Creek Residential. “With its prime location in the fastest-growing portion of the city, we believe Modera Midtown will be a source of pride for our residents and create sustainable value for our portfolio and our investors.”
From its location at 8th Street and Peachtree Place, Modera Midtown is in close proximity to Technology Square, which soon will be the new home of NCR Corp. The tech giant recently agreed to a 15-year lease to occupy a $200-million, 485,000-square-feet high-rise development to be completed by 2018. The move could create as many as 4,000 new jobs across the street from the new community.
Once complete, Modera Midtown will consist of approximately 500,000 square feet, 12,300 of which will be commercial space. Included is retail space on the street-facing sides of the ground floor. The walkable, transit-oriented location is a one-minute walk from the MARTA Midtown Station and offers unblocked views of Downtown, Midtown, and Georgia Tech campus.
As the epicenter of the city’s art district, the Fox Theater, 14th Street Playhouse, High Museum of Art, Museum of Design Atlanta and Woodruff Arts Center are all based in the neighborhood, as is the Atlanta Symphony Orchestra. In addition, the Georgia Tech campus and Tech Square is less than a block away. Various high-end cuisine options are within walking distance, including Empire State South and Ecco, as are an abundance of retailers along the Midtown Mile.
Upon completion, Modera Midtown will consist of 1- and 2-bedroom apartment homes and a limited number of studio and 3-bedroom homes. The community will provide residents with a variety of upmarket amenities, including an 1/8 mile running track elevated nearly 100 feet above street level, expansive courtyards, two resort-inspired pools, sky lounge, fitness center, business center and rooftop terraces.
The above-grade parking structures will include multiple car-charging stations for electric cars. Outdoor amenities will be found in three separate locations – the rooftop, the seventh floor and the 26th floor. A dog park and grooming station, in addition to the sky lounge, are part of the rooftop layout. Multiple outdoor bars and grilling stations, movie lawn, and a pool will be available on the seventh floor. A second rooftop pool with a hydraulic lap lane is nested on the 26th floor.
Including Modera Midtown, Mill Creek has more than 700 homes and 45,000 square feet of retail under construction and over 1,000 additional homes and 60,000 square feet of retail in the Atlanta pipeline.