This Week in Atlanta Real Estate: Midtown development, secret cabins and more

by Andrew Morrell

More changes are coming to Midtown’s skyline in 2019, starting as soon as January. Selig Enterprises announced Dec. 20 that it would be starting construction next month on its project at 1105 West Peachtree, which will include a new 31-story office tower and adjacent Marriott Autograph Collection hotel and 64 luxury condos. The massive redevelopment of the 3.6-acre site is already attracting tenants: Curbed Atlanta reports local law firm Gambrell & Russell already signed one of the city’s biggest office leases this year for more than 102,000 square feet in the upcoming tower. Meanwhile, the condo units planned for the site are expected to range in price from $500,000 to $1.3 million. The office tower is currently set to be completed in 2021.

In other local real estate news:

  • Feel like getting away? One company is offering a unique way to to do so for residents near New York City, Boston, Washington, D.C. and soon, Atlanta. Getaway builds and rents out small, “secret” cabins in remote locations outside of each city. The online booking process is familiar to users of tech-enabled services like Airbnb, but the experience offered is almost the opposite. The small, minimalist cabins, between 140 and 200 square feet, are fitted with only the essentials for cooking, cleaning and sleeping, without any high-tech amenities like internet access or TVs. The location of the cabins remains “secret” until booking, with the exact location sent afterward (about a two-hour drive outside the city). The company’s Atlanta cabins will begin renting in July for between $119 and $199 per night.
  • The economy is the engine driving the housing market, but concerns about both have cropped up in the U.S. in the final weeks of 2018. While certain indicators on the local and national economy have raised alarms, Georgia may not have much to worry about. The latest reading on the state’s workforce from the Georgia Department of Labor found unemployment rates declined once again in November to their lowest in 17 years. In the last 12 months, Georgia added 99,000 jobs to bring unemployment to just 3.5 percent as of last month, with the construction sector seeing some of the biggest gains.