Details Of Portman's Planned Amsterdam Walk Revamp Revealed

Portman Holdings unveiled the scope of its vision for a revamped Amsterdam Walk redevelopment, which includes 900 apartment units and as much as 400K SF of office space.

Portman is pushing for a residential-heavy revitalization of Amsterdam Walk but also sees a need for office space to help feed the 90K SF of retail that would replace the smattering of smaller commercial buildings around the property, Portman Development Vice President Mike Greene told Bisnow.

“We see it as a mostly residential property with a little bit of commercial, but you need to balance it out with some office,” Greene said. “We think it’s a really special piece of property.” 

The storied Atlanta developer filed a Department of Regional Impact application with the Georgia Department of Community Affairs for the project on Friday, which is for developments expected to have a regional impact on the local infrastructure, including traffic. The redevelopment is expected to be complete by 2028, according to the application.

Portman is partnering with Amsterdam Walk’s owner, Halpern Enterprises, to spearhead the redevelopment along Amsterdam Avenue and abutting Piedmont Park and the Atlanta BeltLine trail.

Since first announcing plans for the project in April, Portman received endorsements from Atlanta BeltLine Inc., Invest Atlanta and other area stakeholders, especially after Portman disclosed plans to add a significant portion of affordable housing and reserve 30% of the commercial space for qualified disadvantaged businesses, The Atlanta Journal-Constitution previously reported.

Amsterdam Walk is mainly home to retailers and smaller local businesses after having been a warehouse district some 50 years ago. Because Amsterdam Walk’s property is divided between the Viriginia-Highland and Morningside-Lenox Park neighborhoods, Portman has been meeting with groups from both neighborhoods on a regular basis for feedback on what to include in the project and to address traffic concerns.

While Portman is applying for the right to construct 400K SF of office space, Greene said it will more likely build in the 300K SF range. The plan to build office differs from the pivot the developer made with its planned Ponce & Ponce redevelopment across from Ponce City Market 1.5 miles south of Amsterdam Walk. In August, Portman scrapped plans to purchase three buildings along Ponce de Leon Boulevard that would have become 470K SF of offices due to financing constraints. 

"The financing market is crunched right now," Greene told the AJC at the time, adding that "it’s not even remotely close to being a reality to finance office in any place."

In the case of Amsterdam Walk, Greene told Bisnow he thinks financing markets will be more bullish once the developer is ready to break ground on the redevelopment, which is at least 2.5 years away, if not longer, depending on the economy. 

"This is going to take a very long time," he said. "If it was near-term, I don’t think we would even include the office."

The focus, for now, is continued talks with neighbors as Portman hones its redevelopment plans to ensure everyone is on board. Early concerns from residents in the area focused on what type of retail tenants could eventually be located in a revitalized Amsterdam Walk, especially after Halpern kicked out popular restaurant Loca Luna after shooting incidents in the parking lot in 2021 and 2022, Greene said.

“One of the very loud responses has been, ‘How do we know you’re not going to put another Loca Luna in there?’” Greene said, adding that Amsterdam Walk will eventually have institutional financing, a group that would also block any attempts at nuisance tenants from opening up shop in the project. 

“You can’t put a Loca Luna in there. That’s got no chance. A tenant that is a nuisance is the last thing you’d put in there,” he said. “The retail is in there to enhance the project, not to create a nuisance.”