CIM Group, the lead developer of Centennial Yards, has announced a change in plans for their project at 88 Elliott Street. Instead of building 60 apartments as originally planned, they will now be constructing a 127-room hotel with street-level retail.
According to the Atlanta Business Chronicle, Atlanta’s apartment market is currently oversupplied compared to other cities in the country. A survey by Partners Real Estate found that it would take an absorption of 19,300 units for vacancy rates to return to pre-pandemic levels (8.6%). Additionally, there are almost 28,000 units currently under construction and expected to be completed within two years.
Once fully developed, Centennial Yards will consist of approximately 2.8 million square feet dedicated towards housing options and another1.7 million square feet designated for hospitality purposes such as hotels or short-term rentals. The remaining space includes about900 thousand square feet allocated towards retail spaces and another300 thousand square feet reserved specifically for data center usage along with over six-thousand parking stalls available on-site.
Currently underway are two towers standing at eighteen stories tall each which together will bring around three-hundred new apartments into the mix alongside nearly three-hundred hotel rooms plus additional thirty-thousand-square-feet set aside specifically intended use by restaurants or retailers alike throughout this mixed-use development project known as Centennial Yards located right here within downtown Atlanta Georgia!
