In November of last year, I shared exciting news about proposed development plans for Ponce de Leon Avenue, a project brought to us by Portman Holdings. This transformative project promises to reshape the Ponce Place area and make a significant impact on the notorious Ponce Avenue intersection, all while connecting with the BeltLine’s Eastside Trail.
These redevelopment plans, like many proposal projects, stirred up controversy and mixed opinions. Personally, I’ve been a strong advocate for this development from the beginning, as it practically sits in our Midtown office’s backyard—making me a proud YIMBY (Yes In My Backyard) supporter. This development represents an opportunity to infuse much-needed density into a premier location.
The project envisions buildings rising to six stories or more, ushering in a new era of development in the area, which will hopefully be elegant and architecturally striking. This transformation aims to turn Ponce Avenue into a vibrant city core, extending and enriching the Midtown experience. Currently, a significant portion of the land along this stretch is occupied by parking lots and strip centers, and the proposed changes are nothing short of remarkable.
Initially, the development plans featured two towers offering a combined 470,000 square feet of office space, over 35,000 square feet dedicated to retail and restaurants, and an apartment building boasting 354 units with underground parking. However, in light of the evolving landscape in the commercial and office real estate sector, Portman Holdings has made some adjustments to their plans.
Mike Greene, Senior VP of Development at Portman Holdings, shared insights with Urbanize Atlanta and RoughDraft Atlanta reporters, indicating a change in direction. They’ve decided not to acquire the outermost lots along the BeltLine, specifically 752, 756, and 774 Ponce de Leon Ave, which were originally intended for office space. Greene explained, “The economy is very different today than it was when we started the rezoning. High interest rates, coupled with already high construction costs, low liquidity in the banking industry, and flattened rent growth, have simply changed the viability of new projects.”
While it will take at least a few more months to unveil the revised plans and a couple of years before ground-breaking, Portman is still committed to purchasing properties closest to the BeltLine by year-end. The new focus, however, shifts towards residential development while maintaining the same level of density—a signifi
cant positive change, in my opinion. You can view the map below to see the updated parcels to be purchased.
Ponce Avenue is poised for major transformations, including the arrival of multiple Chick-fil-A’s, and I’m dedicated to keeping you informed about these exciting developments as they unfold. Thank you for reading and staying engaged in the ever-evolving Atlanta real estate scene!