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As it puts the finishing touches on its mammoth Midtown mixed-use project, Selig Enterprises is already eyeing a second phase.
The developer is in the planning stages to expand its 1105 West Peachtree St. project with additional office, apartments and retail on parcels the firm owns along 12th Street, Selig Development Chief Operating and Development Officer Steve Baile told Bisnow.
“We're not 100% sure of how much office or how many apartments it will be," Baile said. "We are 99% certain it will be a mixed-use project. But the finer details have yet to be worked out."
The $470M 1105 West Peachtree project encompasses an entire block between West Peachtree Street, Peachtree Walk, and 12th and 13th streets. It includes a 675K SF office tower anchored by Google law firm Smith, Gambrell & Russell.
The site also includes 40 West 12th, an under-construction, 64-unit luxury condominium tower and the Epicurean Atlanta hotel, 178-unit boutique hotel that is part of the Marriott Autograph Collection. The hotel is being co-developed and operated by Tampa-based Mainsail Lodging & Development.
The project in its entirety is set to deliver this August.
Baile said the firm is only in the planning stages of a second phase and has no intention to move forward on the project until the offices at 1105 West Peachtree are fully leased.
Google's lease spans 135K SF and Smith, Gambrell & Russell has 140K SF, but Selig still has 400K SF of office to fill at 1105 West Peachtree.
“Nobody's allowed to take their eye off that ball until that piece is completed,” he said.
Midtown has remained one of Atlanta's hottest office markets, with banner names like Microsoft, MailChimp, BlackRock, NCR and Norfolk Southern all anchoring new developments in the past few years.
Last week, tech giant Alphabet Inc. — the parent company of Google — announced plans to invest $7B in U.S. real estate this year, with the addition of 10,000 new jobs. Google CEO Sundar Pichai wrote in a blog post that the company planned to expand its investment and hiring in Atlanta, among other markets.
Baile declined to comment on whether Google is expanding further into 1105 West Peachtree's available space.
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