West Midtown Sees Historic Adaptive Reuse Rising

Stockyards, an adaptive reuse renovation of three historic warehouses, is under construction in Atlanta’s West Midtown.

ATLANTA— Adaptive reuse continues to be a strategic trend in commercial real estate markets across the Southeast. We find the latest example in Atlanta’s West Midtown. Stockyards, an adaptive reuse renovation of three historic warehouses, is under construction here. Federal Capital Partners / Westbridge Partners formed a joint venture to develop the new venue, which will open its doors in the first quarter of 2017. So far, the adaptive reuse project has inked leases with four tenants. That puts Stockyard at over 65% pre-leased. “Despite being early in the process, interest from both office tenants and retailers at Stockyards has been very strong,” says Bryan Kane, senior voice president at FCP. “We are certainly excited to be more than 65% pre-leased, with high quality office , retail , and entertainment tenants, even as construction is just underway.” Fitzgerald & CO, Momentum Worldwide and Weber Shandwick, all owned by Interpublic Group, along with Mannington Mills Inc., and a new restaurant concept from Charleston, S.C.-based The Indigo Road are among the new leases. The Painted Duck was previously announced. “The overwhelming interest and activity at Stockyards is reflective of a national trend where businesses appreciate the vibrancy and authenticity of highly amenitized, infill, adaptive reuse projects that live differently from traditional business districts,” says Chris Faussemagne , a principal at Westbridge Partners. “There are not many opportunities like this left, and we are thrilled to be underway.” Designed by architectural firm ai3, Stockyards will total 95,000 square feet of creative class A office space . The street level will include an additional 13,000 square feet of restaurant space with 25,000 square feet located on the lower level. The project will include 400 parking spaces within a parking structure to support access from multiple entry points. Gay Construction is the general contractor. Cushman & Wakefield is handling the office leasing. SunTrust Bank is the senior lender. “Adaptive reuse works when you start with a well-built building,” Kevin Davis , Chief Investment Officer for Taconic Investment Partners , tells GlobeSt.com. “We look for buildings with high-quality construction, preferably concrete, abundant light and air, and floor plates that translate well for residential use. The existing structure must be well-built and well-positioned on the site for the project to be a success.”