Georgia Tech wants to expand its campus into the West Midtown area of Atlanta. According to this week’s Atlanta Business Chronicle, Georgia Tech has issued a request for proposals (RFP) for the land at 14th Street and Howell Mill Road.
It’s looking for developers for an 11.5-acre site where hundreds of apartments, retail and office space, and a hotel could rise.
Several groups are said to be candidates to develop the site, including Atlanta-based Noble Investment Group, one of the city’s top hotel developers. A Georgia Tech spokesman confirmed an RFP was issued by Georgia Advanced Technology Ventures, a nonprofit that supports the school.
Tech wants to control about 50,000 square feet of loft office space at the project for startups growing out of Georgia Advanced Technology Ventures incubators. Tech also wants the project to include affordable housing for junior faculty, graduate students and researchers who want to live near the campus. It hopes to extend its campus deeper into West Midtown. It could take a year or more for a deal to come together, said one source familiar with the process.
The site occupies a prime location across from Westside Provisions District, an adaptive reuse project that over the past decade helped transform West Midtown from a gritty industrial area into what’s now a trendy place to eat, shop and live.
In late October, Atlanta Business Chronicle reported that Westside Provisions District sold for close to $130 million, or nearly $500 a foot. That deal underscored just how hot West Midtown is to both real estate companies and developers.
Doug Sams covers commercial real estate for Atlanta Business Chronicle
Amy Wenk covers retail, restaurants and hospitality for Atlanta Business Chronicle