Centennial Yards opens 304-unit luxury apartment complex
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A unit inside The Mitchell, a 304-unit luxury apartment complex at Centennial Yards. Photo: Courtesy of C. Barber
The second residential community at Atlanta's highly anticipated Centennial Yards redevelopment is open for new tenants.
Why it matters: The $5 billion mega-project in the heart of the city will be a hot spot for the 2026 FIFA World Cup, and developers are betting on entertainment, hotels and apartments to attract people to the area.
Driving the news: City officials and stakeholders on Thursday cut the ribbon on The Mitchell, a 19-story luxury residential development.
Zoom in: The Mitchell has 304 units, ranging from studios to three-bedroom apartments.
- Monthly rent for studios begin at $1,450; $1,800 for one-bedrooms; $2,900 for two-bedrooms and $5,688 for three-bedrooms.
- The ground floor has about 1,600 square feet of retail space to accommodate four businesses. One restaurant, which will serve tapas-style Thai cuisine, has already signed a lease for space.
What they're saying: Brian McGowan, president of Centennial Yards Co., told Axios that opening the Mitchell and watching the project come to life is "remarkable" since there had been more than a dozen plans for the Gulch that never came to fruition.
- "To me, it's like a second rebirth of Atlanta," he said. "This is going to be Atlanta's main stage or front porch, meaning people from all over the world are going to end up here."
Once completed, Centennial Yards will stretch from South Downtown to Castleberry Hill, filling a hole in the heart of Downtown that is currently a sea of parking lots and railroad tracks adjacent to State Farm Arena and Mercedes-Benz Stadium.
- Centennial Yards will also include 2,000 residential units, McGowan said.
- A 99-year agreement with the city of Atlanta calls for 20% of those units to be affordable for people making 80% of the area median income.
- The first residential development, Lofts at Centennial Yards South, includes 162 units — 25 of which are affordable units — above Wild Leap brewery.
- McGowan also told Axios Centennial Yards has contributed $36 million to the city's Affordable Housing Trust Fund.
Catch up quick: The development also includes a 500,000-square-foot entertainment district, the bulk of which McGowan hopes will be constructed ahead of next year's World Cup.
- In March, LiveNation announced it will anchor a midsize 5,300-seat venue expected to open in 2027 in the district.
- Along with the venue, the district will include COSM, a 70,000 square-foot immersive experience (like a scaled-down Las Vegas Sphere, with dinner and drinks), a two-story retail building and the boutique 292-room Hotel Phoenix.
What's next: Later this year, McGowan said, the company will announce its next residential project, which will include 250 units. The next residential phases are expected to have more affordable units.