GID Lands Financing for $2B Atlanta Mixed-Use Project
The construction loan will be used to break ground on the first phase of the 36-acre development.
Rendering of High Street. Image courtesy of JLL
GID will break ground on its 36-acre mixed-use development in Atlanta later this year after securing an undisclosed amount of construction financing. Bank OZK provided the loan, which was arranged by JLL. Ed Coco and Matt Casey led the team that represented GID.
The construction financing will go towards the first phase of GID’s High Street development that is expected to include approximately 150,000 square feet of retail and restaurant space, 600 luxury apartments, 90,000 square feet of loft office space and 222,000 square feet of existing office space. GID has already signed Puttshack, an experiential mini golf entertainment company, as an anchor tenant for the project. GID is expecting to break ground on High Street’s first phase later this year for an expected completion in 2024.
Jim Linsley, president of GID, told Multi-Housing News that the residential portion of High Street’s first phase will feature loft-style spaces alongside traditional floorplans and units with thoughtful and elegant design materials. The community’s amenities will also include fitness rooms, club rooms, demonstration and catering kitchens, private dining rooms, games lounges, pools, cabanas and bar and barbecue pavilions.
The High Street project will occupy a 10-city block street grid located in the Central Perimeter submarket of Atlanta. The mixed-use development will also be across from the Dunwoody MARTA Station and near the interchange of Route 400 and Interstate 285, which will both connect residents to downtown Atlanta and the surrounding cities.
$2B Development
Including the first phase’s buildings, the full master plan for the High Street project will encompass $2 billion worth of development, Linsley told MHN. When fully built out throughout several phases, the mixed-use project will include 622,000 square feet of Class A office space, a 400-key hotel, 400,000 square feet of retail and restaurant space, 3,000 residential units and a public realm, Linsley told MHN.
Linsley also told MHN that GID will refine the project’s timing as the first phase starts construction this year and subsequent phases start afterwards. GID is also working on another mixed-use development in Houston, which saw its second phase start construction in November 2019.
