CIM Group is rethinking its plan to build 60 apartments. Instead, the lead developer of Centennial Yards is planning to build a 127-room hotel at 88 Elliott Street. The project would include street-level retail.

The Atlanta Business Chronicle reports Atlanta is one of the most oversupplied apartment markets in the country. A Partners Real Estate survey reported future Atlanta renters need to absorb 19,300 units before the vacancy rate returns to pre-pandemic levels of 8.6%. Plus, almost 28,000 units are in the construction pipeline and are expected to be delivered within two years. 

When fully built out, Centennial Yards would have 2.8 million square feet of housing, 1.7 million square feet of hospitality, 900,000 square feet of retail, 300,000 square feet of data center space and 6,000 parking stalls. 

The developer is under construction on two 18-story towers, which will bring about 300 apartments, 292 hotel rooms and 30,000 square feet of space for restaurants and retailers.

D.A. Davidson’s Development Finance Group, J.P. Morgan and co-manager Truist Securities secured $575 million in financing for Centennial Yards, the 50-acre revitalization project set to transform “The Gulch” district in Atlanta.

The bonds were issued through the Atlanta Development Authority and consisted of $219 million in Senior Revenue Bonds secured by property tax increment within the Westside Gulch and $356 million Convertible Capital Appreciation Economic Development Certificates secured by a 5% EZ Fee (similar to sales tax) to be collected within the Centennial Yards project.

Centennial Yards will feature a mix of residential, commercial, retail and entertainment spaces. The project will ultimately deliver over 2,600 residential units, with 20% designated as affordable housing. Nearly 3,000 hotel units, ranging from full-service to boutique offerings, will complement more than 900,000 square feet of retail and entertainment space, including a flagship hotel and an entertainment district.

The buildout is expected to add more than 5.7 million square feet of mixed-zoned residential, commercial and retail space to downtown Atlanta, with final delivery expected by 2030.

Centennial Yards Company topped out the first residential tower in the sports and entertainment district at Centennial Yards. The company broke ground on the first two projects within the $5 billion 50-acre mixed-use development less than two years ago and marks this construction milestone with the naming of its first new residential tower, The Mitchell. The project is designed by architecture firms TVS Architecture + Design and Goode Van Slyke Architects (GVSA).

Located in the heart of Centennial Yards across from Mercedes-Benz Stadium and adjacent to State Farm Arena, The Mitchell will feature 304 units ranging from studios to three-bedroom residences. Residences will have floor-to-ceiling windows and balconies. The building will also feature a pool with event lawn and grilling stations, on-site co-working spaces, a fitness center and a residential lounge, as well as 16,000 square feet of street-level retail space. With construction at The Mitchell expected to be complete mid-next year, first move-ins at the apartment building are slated for summer 2025. 

Centennial Yards Company signed a long-term lease with Cosm, an immersive technology, media, and entertainment company, to create a 70,000-square-foot, three-level entertainment venue, which will deliver live sports and experiential entertainment. The venture will be part of the Sports and Entertainment District at Centennial Yards.

Cosm is the first addition to Centennial Yards’ next phase of development, which will bring approximately 470,000 square feet of entertainment, retail and restaurant space, including a hotel, to a 7.5-acre site adjacent to the Atlanta Hawks’ State Farm Arena and Mercedes-Benz Stadium. 

Cosm’s third venue at Centennial Yards will feature the company’s proprietary technology throughout, including an 87-foot diameter 12K+ LED dome. Gensler is designing the project. In addition to live sports, Cosm’s programming will also highlight productions such as Cirque du Soleil’s production “O.”

Development at Centennial Yards is already well underway, with the construction of a 19-story boutique hotel and 19-story residential tower.

Los Angeles-based CIM Group has put its latest plans for an entertainment-centric project out there for everyone to see. The developer hopes to complete most of the project by the 2026 FIFA World Cup.

The Atlanta Business Chronicle reports Centennial Yards has released new renderings to the project along with filing permits on the project it hopes to start building in June. Centennial Yards will be a 480,000-square-foot development of entertainment, retail and restaurant space. The site is near State Farm Arena and Mercedes Benz Stadium.

The “immersive eatertainment concept” will be housed in a three-story building, four-story entertainment venue for a single tenant, two-story building for food and beverage tenants, 14-story hotel with 233 rooms and a fan gathering plaza.

The next phase of the proposed $5 billion venture would join a couple of 18-story towers currently under construction. Set to deliver in 2025, those buildings will add 300 apartments, 292 hotel rooms and 30,000 square feet of new commercial space for restaurants and retailers.