Construction Starts on Former Atlanta Paper Co. Site on Atlanta Beltline
Westside Paper, the adaptation of a 15.2-acre former industrial campus by Third & Urban and FCP® into large format, class-A creative office space with abundant outdoor spaces and thoughtful retail, will continue the evolution of West Midtown into the most dynamic submarket in metro Atlanta.
The 245,200-square-foot historic renovation of 950 West Marietta Street now underway is a mix of new construction and existing space, including a dramatic three-story addition with sweeping skyline views of Midtown.
“We are excited to partner with FCP as we continue to transform the modern office market model through adaptive reuse,” said Chris Faussemagne, Third & Urban. “Our vision for Westside Paper emphasizes health and wellness, with direct access to flexible, large format offices and retail with touchless entry, all connected by wide, open breezeways and outdoor gathering spaces.”
“FCP is excited to be working again with Third & Urban on another adaptive reuse project that will transform its existing site into a vibrant destination and workplace,” said FCP Vice President, Liz Koteles. “Westside Paper is already attracting interest from large corporate tenants seeking a modern light-filled environment that complements employees’ desire to be a part of a uniquely activated, outdoor-centric campus inspiring collaboration and creativity. Westside Paper will be a crowning touch to this corner of West Midtown.”
The mixed-use project will have 223,800 square feet of creative office space including 67,000 square feet of new construction; 21,400 square feet of retail, restaurant and entertainment space and more than 10,000 square feet of outdoor space wired for connectivity that can serve as alternate office and meeting space. With abundant surface parking and room to spread out, the development will stand in stark contrast to the density of the nearby West Midtown core.
Additionally, the ability to have large contiguous floor plates and a location less than two miles from the Georgia Institute of Technology make Westside Paper an ideal corporate campus.
Third & Urban and FCP acquired the historic warehouse and surrounding property late last year, working with Atlanta Beltline Inc. to ensure the right-of-way connection for Atlanta’s transformative trail and transit initiative. The agreement creates the closest connection between the commercial and residential heart of West Midtown and the northwest Beltline corridor, including the Westside Park at Bellwood Quarry, the largest park in Atlanta.
Westside Paper is in close proximity to the two projects that kicked off the submarket’s renaissance decades ago; King Plow Arts Center and Puritan Mill. It is within walking distance of the center of West Midtown submarket that has experienced a boom in new construction and densification over the past several years.
The Atlanta Paper Co., which was originally Elsas May and Co., built the warehouse at 950 West Marietta in the 1950s. It was once used to create packaging for The Coca Cola Co.
The design by Perkins & Will combines 70 years of character and contemporary styling. Gay Construction Company is the general contractor. Aileen Almassy, Will Porter and Porter Henritze of Cushman & Wakefield represent the office leasing. Initial occupancy is planned for October 2021.
Third & Urban and FCP engage in a deliberate value creation process to produce unique urban infill destinations. Among the partnership’s successful adaptive reuse projects are the award-winning Stockyards in West Midtown and Sylvan Supply in Nashville, Tenn.
About Third & Urban
Third & Urban are Developers Building Community—modern, culture-rich adaptive reuse and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and that creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, engaging in a deliberate value creation process to produce truly unique destinations and best-in-class results for office, retail and residential spaces. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. With more than 2,000,000 square feet across five markets in the Southeast, Third & Urban has developed more than $550,000,000 in institutional-grade urban projects. For more information, please visit www.thirdandurban.com.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
