As 1072 West Peachtree Climbs Skyward, Developer Shares More Details of What’s to Come
Yes, it’s going to be among ATL’s tallest buildings. But John Petricola wants you to be excited about the ground level, too.
BY BRIAN CARR
1072 West Peachtree, one of the tallest mixed-use development projects to arrive in Atlanta in 30 years, is now rising at the intersection of West Peachtree and 12th Streets.
The developer, Rockefeller Group, has a national footprint. But the organization is not new to Midtown. In fact, they partnered with Selig Enterprises on a joint venture to create the 40 West 12th condominium project across the street that is part of the 1105 West Peachtree campus.
Through this experience, the Rockefeller Group team saw the momentum happening around the 1105 West Peachtree development, as Selig inked deals to bring in Google and the Epicurean Atlanta. And it raised their confidence that Midtown was primed to keep growing.
John Petricola is the Rockefeller Group's Senior Managing Director for the Southeast Region. He established the Atlanta office more than a decade ago. From this regional hub, his team has worked to develop major projects in other southeast cities as they simultaneously considered their best options locally to get into the booming Atlanta market. We spoke with Petricola about the market, and what’s in store for this new project.
Finding the Right Site at the Right Time
“Atlanta is the place to put your flag, and Midtown in particular punches above its weight in demand,” Petricola said. “Midtown kept coming up in our team's analysis of where to invest. There's a highly-talented workforce here. There’s a strong transportation network. It's the strongest growth market within the city.”
Petricola said he has “kicked a lot of dirt in Midtown,” patiently searching for excellent sites and the right opportunities. His team feels they have found a winner because of 1072 West Peachtree’s relationship to Midtown’s street grid. Rockefeller Group acquired the 1.1-acre site for $25M, or about $500 per square foot of land, approaching the high-water mark for land prices in the urban core.
Petricola was also quick to point out that the site is virtually equidistant between the Midtown and Arts Center MARTA stations, and a short walk to the largest Whole Foods on the east coast and the largest concentration of arts and cultural attraction in the southeast.
West Peachtree: Midtown's Most Active Corridor for Development
Their 1072 West Peachtree development will feature 224K SF of office, 350+ residential units, and 6K+ SF of retail space, all collocated in the same structure. It is part of the transformative growth happening on West Peachtree Street in Midtown. West Peachtree extends only 18 blocks through the center of the district. But since 2010, some 20 projects have been delivered on this corridor or are now underway, adding more residential units, hotel rooms, office/institutional space and retail.
Yes, the building is going to among the very tallest ever built in the state of Georgia.
That’s fun. And it will be hard to miss it in the skyline. But Petricola and his team Petricola know that the public experience is won or lost on the ground, not on the 60th floor. And they want you to appreciate the experience at ground level, where the face of the building meets the curb.
The project will feature liner units along West Peachtree, creating more interplay from the sidewalk than the way most developers consider designing their buildings. It could have just been another parking deck with screening. But Rockefeller Group is sticking with a vision and resolving challenges thru the design process to make it work. The plans also indicate the development will create over 20% less parking than the maximum allowed by City code. These are wins for the ideals expressed in the Midtown Owner’s Manual, a guide created by Midtown Alliance to motivate developers to raise their game.
What else can people expect to see in this project?
Petricola shared that the interior plans call for a best-in-class fitness center (hello, steam room) and a two-story space for cyclists to store their bikes and take a shower. The building will also feature what he described as one of the largest outdoor amenity decks in all of the city, to be called the Sky Garden. And, leaning into the property’s mixed-use design, these and other amenities throughout would be shared between different types of users, from residents to workers to visitors.
Beyond the design features, it’s a given that big projects like this require other partners to be involved. Sumitomo Mitsui Trust is providing financing through a senior loan. Rockefeller Group is the project’s lead developer, while a joint venture between Rockefeller Group, Taisei USA and Mitsubishi Estate New York is providing the equity.
Creating Midtown's Next Landmark
When asked how he’ll know that his team created a successful project with this development, Petricola believes a picture is worth a thousand words. He said he’ll know his team did it right when visitors to Piedmont Park instinctually seek out opportunities to take an iconic Midtown skyline photo with the 1072 West Peachtree building in the background.
Stay up to date on the latest development projects coming to Midtown. Read our Midtown Development Summary, updated monthly with details on square footage, expected completion dates and more.