The Related Group Unveils Atlanta High Rise
- Apr 13, 2018
The Related Group has opened its new Icon Midtown high-rise apartment community in the Midtown section of Atlanta. The new community is The Related Group’s first completed development in Georgia. It also represents the company’s third completed Icon tower to open across the country in the past half year.
Rising 39 stories, Icon Midtown features 390 studios and one-, two- and three-bedroom apartments. Monthly rental rates extend from the low $1,800s to $5,600. Among the tower’s common-area amenities are an 11th floor outdoor amenity deck featuring pool, infinity-edge hot tub, outdoor dining room, bar, fireplace and game area.
The 39th floor will include a spacious clubroom with bar, billiards rooms, theater room and outdoor entertainment terrace, with fireplace tables and unrivaled views of the Atlanta metropolitan area. Additional amenities include a fitness center with cycling room, steam room and sauna and on-site spa with massage tables.
“We were first drawn to Atlanta because of area’s robust job growth and strong absorption rates,” Ed Allen, head of Related’s Georgia office, told MHN.
“However, when we started to dig deeper, we noticed a large portion of these new jobs were in well-paying fields like finance and tech. This spike allowed us to identify the pent-up demand for high-end rentals, and when we factored in the nation-wide shift towards rentals, a project like Icon was the only sensible option.”
An additional feature of the building will be a carefully curated collection of museum-quality art. Included among the art objects will be an enormous outdoor mural by well-known artist Alex “Hense” Brewer. This hybrid of mural and sculpture art forms encompasses 10 stories, representing a landmark for the neighborhood.
Inside the apartments, features and finishes include floor-to-ceiling windows, natural quartz countertops, open-concept living spaces, stainless steel Whirlpool appliances, full-size front-load washer-dryers, walk-in closets and USB outlets in kitchens and bedrooms. Private balconies with city views are also featured.
Once the development’s second phase is complete, Icon Midtown will feature one of the largest Whole Foods supermarkets in the nation. That retail operation, encompassing more than 77,000 square feet across three levels, is slated to be unveiled in early 2019.
“The Midtown neighborhood itself was the biggest upside of the parcel,” Allen said. “While scouting, we saw a rich and thriving neighborhood. Lots of nearby restaurants, the culturally rich vibe, the nearby Piedmont Park, and immediately saw a project like Icon thriving. We also knew we wanted to integrate a luxury grocer, which made the existing foot traffic a major plus and strong selling point when we began conversations with Whole Foods.”
Targeting empty nesters
In addition to traditional supermarket offerings, this location of Whole Foods will feature seven food venues, among them a full-service restaurant-pub, cooking school, coffee roaster, rooftop terrace and other culinary offerings.
Targeting the large and swiftly expanding “renter by choice” demographic, Icon Midtown is a component of The Related Group’s growing Icon brand. That brand leverages demand for luxury rental residences throughout urban core neighborhoods. It seeks to market new, high-end rental properties to empty nesters and established professionals seeking a flexible and convenient residence in vibrant urban hubs.
Other Icon towers include Icon Las Olas in Fort Lauderdale, Fla.; Icon Harbour Island and Icon Central in Tampa Bay, Fla.; and Icon Buckhead in Atlanta. Icon Las Olas delivered last fall and is now nearing 80 percent lease-out. It was followed by Icon Harbour Island, which delivered three months ago and is now 60 percent leased.