Momentum Midtown Residential Tower a Go in Atlanta

A luxury homebuilder has received the financing needed to start work on a 36-story residential tower planned in Midtown Atlanta, Georgia, Urbanize Atlanta reports. The plan, by Toll Brothers Apartment Living, was first pitched about two years earlier, and has now been given the moniker “Momentum Midtown.” Toll Brothers Apartment Living, a real estate subsidiary of developer Toll Brothers, has entered into a joint venture with PGIM Real Estate. The project, to be financed with a US$96-million construction loan acquired from Wells Fargo Bank, will bring 376 rental units to 1018 West Peachtree Street. Demolition crews began clearing the site several weeks before the October announcement of construction. A second, shorter Toll Brothers building has been proposed for the site, but the source said that building will likely be the focus of a later phase. Original plans called for two residential buildings standing 27 and 22 stories, but further floors have been added. Momentum Midtown will provide market-rate rentals ranging from studios to three-bedroom units atop a 431-space parking garage. The design is by Brock Hudgins Architects; a construction timeline was not immediately available.