Condo Conversion Looming for Midtown Apartments

Developers may soon be transforming the apartments atop the Lowes Atlanta Hotel into high-priced luxury condominiums due to the shifting real estate market in Midtown.

According to Curbed Atlanta, TriBridge Residential will take over the leases at 1065 Midtown, once part of the 12th & Midtown development, and begin converting them into condos as tenants’ leases expire this year. Once complete, the space will house 52 condominiums with an average market price of $600,000.

The conversion is one of the first such projects in the city since the end of the recession, and the conversion of the 1065 Midtown apartments and The Atlantic may well serve as a bellwether for other apartment complexes which were built with an eye towards a future conversion, Curbed says.

Condo space is much needed in Midtown, the Atlanta Business Chronicle says; there are just over 600 vacant units in 2015, down from over 7,000 vacant units in 2007.