{"id":1004285918,"date":"2018-12-14T01:24:12","date_gmt":"2018-12-14T09:24:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285918"},"modified":"2022-12-08T21:22:22","modified_gmt":"2022-12-09T05:22:22","slug":"developers-to-bring-150m-office-project-to-atlanta","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/developers-to-bring-150m-office-project-to-atlanta\/","title":{"rendered":"Developers to Bring $150M Office Project to Atlanta"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004285936\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/8-West.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004285936\" data-attachment-id=\"1004285936\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/developers-to-bring-150m-office-project-to-atlanta\/8-west\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/8-West.jpg\" data-orig-size=\"900,675\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"8 West\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;8 West&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/8-West.jpg?w=900\" class=\"wp-image-1004285936 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/8-West.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/8-West.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/8-West.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/8-West.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004285936\" class=\"wp-caption-text\">Rendering of 8 West<\/p><\/div>\n<p>Atlantic Capital Properties and Gateway Ventures have teamed up to build 8 West, a 175,000-square foot office development in Atlanta\u2019s burgeoning West Midtown submarket.&nbsp;Preferred Apartment Communities closed on an aggregate loan investment of roughly $67.6 million.<\/p>\n<p>The construction financing will allow the developers to proceed with the speculative project.&nbsp;As part of the deal, Preferred Office Properties,&nbsp;a division of Preferred Apartment Communities, was granted an option to acquire the office project following stabilization. BL Harbert International is serving as the contractor on the project.<\/p>\n<h2>A transformative neighborhood<\/h2>\n<p>Located on the corner of Howell Mill&nbsp;Street and 8th Street, the property will rise nearby some of the city\u2019s finest restaurants, including Bocado and The Optimist.&nbsp;Next door, a 264-unit apartment tower is being built by Trammell Crow Residential, further adding to the neighborhood.<\/p>\n<p>The West Midtown area is characterized mostly for its low-rise, brick buildings and popular spots like The Goat Farm and Northside Tavern. Over the past 10 years, the area has become more of a live-work-play environment, with numerous new developments going up. Among those are Brady Avenue and 11th, where Spaces signed a 56,121-square-foot lease, and The Interlock, where WeWork signed on recently.<\/p>\n<p>According to Colliers\u2019 Atlanta Second Quarter Office Report, the city\u2019s total investment volume is shaping&nbsp;up to outpace 2017, while the West Midtown market is expected to continue to drive demand.<\/p>\n<p><em>\u201cProximity to&nbsp;Georgia Tech, a top-tier developer team with deep experience including partnering on Centergy at Technology Square, and West Midtown&#8217;s evolution into one of&nbsp;Atlanta\u2019s&nbsp;most vibrant \u2018live-work-play\u2019 districts all support our expectation of this investment\u2019s performance,\u201d&nbsp;<\/em>Boone DuPree, Preferred Office Properties&#8217; president &amp; chief executive officer, said in prepared remarks.<\/p>\n<p>Earlier this year, Preferred Office Properties acquired Armour Yards, a development containing four recently <a href=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-4-office-assets-in-atlanta\/\">converted office buildings in Atlanta\u2019s Buckhead submarket<\/a>.<\/p>\n<p><em>Image courtesy of&nbsp;Atlantic Capital Properties, Gateway Ventures<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Atlantic Capital Properties and Gateway Ventures have secured $68 million in financing to build a 175,000-square foot office building in Atlanta\u2019s emerging West Midtown market.<\/p>\n","protected":false},"author":451,"featured_media":1004285936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21782,21808,21825,21742,21747],"tags":[43388,32763,33087],"class_list":["post-1004285918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-development","category-featured","category-finance","category-latest","category-office","tag-bl-harbert-international","tag-colliers-international","tag-preferred-apartment-communities-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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