Three years after our interview with Newport officials, it’s a sad state of affairs for South Downtown. According to Atlanta Bisnow and other sources, lender BridgeInvest has scheduled a foreclosure auction on Nov. 7, 2023, for 18 parcels in Downtown Atlanta, including Newport’s Hotel Row properties and 222 Mitchell St., which Newport had started turning into an office and retail mixed-use project.
BridgeInvest provided a $75M loan to the German developer for construction to revitalize key portions of the South Downtown project in January 2022.
At this point, we are unclear if anything will continue to move forward in South Downtown.
Tune in for our Atlanta Real Estate Forum Episode, “Newport Breaks Ground on South Downtown Atlanta Restoration Project,” published September 30, 2020.
Senior Vice President of Newport, April Stammel, and Executive Vice President, Kevin Murphy, are in studio for today’s episode of Atlanta Real Estate Forum Radio. Joined by co-hosts Carol Morgan and Todd Schnick, the group discusses Newport’s South Downtown Atlanta restoration project on this All About Real Estate segment of Radio.
Newport is a real estate investment and development group founded in Hamburg, Germany. For over 25 years, Newport was operated in Europe, with the goal of eventually expanding into the United States market. In 2016, the company planted a United States headquarters in Atlanta. After searching the area for a perfect place to start his first project, the CEO of Newport settled on South Downtown Atlanta.
“Over the 10 city blocks that they walked, they saw rundown buildings and boarded up windows, but beautiful historical architecture, a really incredible street grid very familiar to a European and a ton of opportunity,” said Stammel.
Over the course of eighteen months, the Atlanta team began buying up as many privately owned buildings in the area to accumulate over 80% of the property in their selected grid. Currently, the team has switched its focus towards redeveloping and restoring the buildings and the area.
Most of the buildings are over 100 years old. The team is working to preserve the buildings while also creating unique and functional properties. In addition to buildings, Newport acquired several parking lots and empty spaces. Part of the restoration process includes turning these spots into walkable connections to other parts of Atlanta, including Five Points, Mercedes-Benz Stadium and other local hotspots.
Newport recently announced its plans to break ground on 222 Mitchell Street. This project is a 300,000-square-foot holding that was originally built as an office building and bank headquarters. The plan is to restore the area to its original intent, creating class-A office space in the Downtown area. 222 Mitchel Street also includes 70,000 square feet of retail and 20,000 square feet of rooftop spaces. The rooftop is to be used as a restaurant and special events location with a stunning view of the surrounding city.
**** UPDATE June 28, 2021 ***** Ohio-based Pins Mechanical will be the first tenant at Newport’s 222 Mitchell Street.
Pins Mechanical Co. Atlanta is expected to open in early to mid-2023 and will mark the ninth location for this fast-growing social destination. The 25,000-square-foot open-air location will feature many elements of its sister brand, 16-Bit Bar+Arcade, as well as an expansive outdoor courtyard, rooftop patios, three full bars and Pin’s signature duckpin bowling.
The seven-story building at 222 Mitchell has been empty for nearly 20 years and provides an ideal location for the Rise Brands team to pursue its mission of revitalizing iconic buildings and breathing new life into historic neighborhoods. The location was once home to the Citizens & Southern Bank and combines a 1909 brick building and two mid-century modern buildings to form the largest existing structure in Newport’s revitalization effort in South Downtown. The entire project aims to redevelop eight blocks of historic buildings and bring in office space, restaurants, arts and entertainment venues to the renovated structures while adding new residential and hotels to the area.
“Newport’s strategic vision for South Downtown Atlanta completely aligns with our efforts to help revitalize and build business in the communities where we live and work,” said Troy Allen, Rise Brands founder. “We are thrilled to be part of this community and beyond excited to fully engage and entertain the people of Atlanta.”
Pins Mechanical Co. started in Columbus, Ohio. Whether it’s duckpin bowling, arcade games or bocce ball, Pins brings “Old School” entertainment, local beer and creative craft cocktails together to redefine how time should be spent with friends. Pins Atlanta will feature 16 duckpin lanes, over 50 pinball machines and classic arcade games, bocce ball courts, patio pong, ping pong and much more. Guests are truly surrounded by the nostalgia of their childhood while enjoying amazing adult beverages.
“Troy, and the experience he has created with Pins and 16-Bit, is going to make a huge impact on our neighborhood,” said April Stammel, senior vice president, NEWPORT. “We are seeking the best partners for Hotel Row and 222 Mitchell, and it was clear from our tours that Troy valued the unique fabric of the buildings today and shared our excitement for the future. Having an operator who knows how to create a great destination is not only a win for South Downtown, but a win for Atlanta.
Rise Brands owns and operates Pins Mechanical Company, 16-Bit+Arcade and No Soliciting in seven cities throughout the Midwest and South, including the Nashville and Charlotte communities. To learn more about Pins Mechanical Company, visit pinsbar.com.
To learn more about upcoming Atlanta projects with Newport, visit www.newportre.com/en. Also, be sure to listen to the full interview above for more details and the inside scoop.
Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. New American Funding and Newport are not associated. Click here to view the terms and conditions of products mentioned during the show. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (September/2020)
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 123,000 loans for $30.4 billion, 198 branches, and about 3,100 employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America six times. It has a state-of-the-art career training facility and develops innovative technology, including the GoGo LO mobile application. For more information, visit www.branch.newamericanfunding.com/Atlanta.
The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.