SOURCE: Wood Partners

Wood Partners

October 21, 2014 18:54 ET

Wood Partners Breaks Ground on 33 Peachtree Place, $100 Million Mixed-Use Development in Heart of Midtown Atlanta

Resort-Style 369-Unit Community, Atlanta's First to Be Powered With Natural Gas, Will Bring Much-Needed Housing to Underserved Area

ATLANTA, GA--(Marketwired - Oct 21, 2014) - Wood Partners has begun construction on 33 Peachtree Place, a $100 million, 369-unit residential and retail development on the site of a former parking lot on West Peachtree Street in Midtown Atlanta. The project will include a high-rise and mid-rise apartment building and 20,000 square feet of base-level retail space. Wood Partners expects construction on the development -- Atlanta's first to utilize natural gas for heating, cooling, water and cooking -- to be complete by the third quarter of 2016.

"Our goals for 33 Peachtree were twofold: Develop a community that blends in seamlessly with the surrounding community and create homes that will appeal to a variety of different types of residents," said Bennett Sands, Wood Partners director for new and existing projects in Georgia, Tennessee, Alabama, Mississippi and Louisiana.

"We achieved both of these goals as this project will offer both high-rise and low-rise units. The high-rise units will offer some of the best views in Midtown and the low-rise units will feature tranquil views of our 1/2 acre private park and the walk-up convenience ideally suited for pedestrians and pet-owners."

A 21-story high-rise and mid-rise building with 39 studios, 196 one-bedrooms, 129 two-bedrooms and five top level penthouse suites will provide much-needed apartments in Midtown, where job growth has outstripped housing supply. Midtown's population -- an eclectic mix of students, academics, artists and upscale professionals -- grew 105 percent, from 17,000 in 2000 to 35,000 in 2010, and the area is projected to gain another 17,000 people by 2016.

Balfour Beatty Construction is building 33 Peachtree Place on four acres at Peachtree Place and West Peachtree Street, currently a parking lot for the 10 Peachtree Place building, the office tower for Atlanta Gas Light. Balfour Beatty provides general contracting, at-risk construction management, and design-build services for a wide variety of markets, serving clients in both the public and private sector.

"33 Peachtree Place will add to the unique vibrancy and excitement of this neighborhood of Atlanta," said Mike Macon, vice president for Balfour Beatty's East Region. "We look forward to being a 'relentless ally' for the community and all team members."

Located in the heart of Midtown, a pedestrian-friendly urban environment near Georgia Tech University, this development is easily accessible to highways, steps from the Midtown MARTA rail station and close to 200-acre Piedmont Park.

In addition to stunning skyline views and the dog-friendly resident park, 33 Peachtree Place will offer luxurious amenities including a resort-style pool deck, club rooms, a 1/2 acre private urban park and courtyard space, and over 500 parking spaces. Architecture and interior design firm Rule Joy Trammell Rubio designed units that include luxury finishes such as stainless steel appliances and quartz countertops.

"33 Peachtree features both active and passive amenity areas," said Sands. "The elevated pool deck and clubroom will be a popular destination for residents looking to socialize or watch a game while the private park will be popular with the dog owners and residents looking for a quiet spot to relax."

Prudential Real Estate is the seller and the equity partner.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com.