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.