Two Downtown Atlanta organizations are commissioning a study on how best to convert the area’s increasingly obsolete office buildings into housing.
The request for proposals from Central Atlanta Progress and the Atlanta Downtown Improvement District seeks a consulting firm to perform a two-part feasibility study on commercial-to-residential conversions. The first phase of the study would address physical, regulatory and financing variables affecting the conversions, while the second would analyze specific buildings identified as conversion candidates in phase one.
“Downtown Atlanta is faced with two separate — though arguably related — realities: a need to repurpose its aging and less competitive commercial building stock while also meeting the growing need of housing and residential density within the Downtown core to bring back vibrancy and activity to its streets and storefronts,” the RFP states. “To more quickly realize this vision of a mixed-use and livable neighborhood, CAP/ADID is interested in a feasibility study that would provide a roadmap for a responsive and effective adaptive reuse strategy to meet this current moment and unlock real estate opportunities that are well-positioned for conversion.”
The RFP calls for the identification of two to three buildings that would be viable conversion candidates. The study would outline a proposed development program for each property, including number of units, commercial square footage, sample floorplans and cost estimates.
The proposed timeline is rather tight. Ideally, the organizations said, phase one would be completed within two to three months of signing with the consultant, and phase two would wrap up within five to six months. RFPs are due April 13, and the organizations anticipate signing an agreement the week of May 8.