Partnership Formed for Atlanta Condo Project
– Rockefeller Group and Selig Development formalize long-planned partnership agreement, advance condo sales
ATLANTA, July 15, 2020 – Selig Development, part of Selig Enterprises, one of Atlanta’s largest privately-held commercial real estate firms, and Rockefeller Group, a leading national property developer, today announced a joint venture partnership on 40 West 12th, the 64-unit luxury condominium tower rising as part of 1105 West Peachtree, the $530 million multi-tower mixed-use development under construction in Midtown Atlanta.
“This event represents an important milestone for Selig Enterprises and the 1105 West Peachtree development,” said Steve Selig, Chairman and CEO of Selig Enterprises. “I am proud of the work our team, led by Steve Baile, has done to execute this exciting partnership with Rockefeller Group.” The announced partnership, which has been planned and in discussions since last year, joins JV equity already in place for the 675,000-square-foot office component of the project and $340 million in construction financing from Blackstone. The entire project, which will also feature The Epicurean Atlanta, a 178-key Marriott Autograph Collection hotel, and 25,000-square-feet of street-engaging retail, is rising simultaneously on a 3.5-acre city block. The project will open in 2021.
“We are full speed ahead on 40 West 12th,” said Steve Baile, Chief Operating & Development Officer of Selig Development. “I would like to applaud our partners at Rockefeller Group and our investments team led by Matt Rendle for their superb work driving this deal to completion. It’s been rewarding to watch this project transform from rendering to reality. Selig’s partnership with Rockefeller Group will serve to continue the momentum we are building at 40 West 12th and in Midtown. Our team is laser-focused on accomplishing our distinct vision for 1105 West Peachtree and Midtown as a whole.”
“Rockefeller Group always looks for projects or opportunities that have the potential to transform the day-to-day experience of a neighborhood or city through the built environment,” said John Petricola, Senior Vice President and Head of Development for Rockefeller Group throughout the Southeast. “Selig’s vision for 1105 West Peachtree and in turn 40 West 12th, presents an opportunity for us to join with an outstanding partner, in a great location, for residences that we believe will attract people who are looking for the most rewarding lifestyle experience through conscious design decisions, the nature of mixed-use project programming and the variety of amenity choices.”
As one of the nation’s most trusted names in real estate, Rockefeller Group’s investment in 40 West 12th highlights the viability of high-end condo product in Midtown’s core business district.
Priced from $800,000 to $2.2 million, residences at 40 West 12th feature a variety of high-design elements centered around a hospitality-infused lifestyle, with residents enjoying exclusive access to 24-hour concierge service, an all-season resort style pool, Epicurean Atlanta’s outdoor pool and bar, the hotel’s food and beverage menu, and more. Launching marketing efforts last year, Engel & Völkers Atlanta is overseeing sales for the project.
“40 West 12th represents a differentiated product offering in Midtown, which is gaining an elegant condo stack that bridges the gap between uneven residential sectors in the market,” said Christa Huffstickler, founder and CEO of Engel & Völkers Atlanta.
40 West 12th’s on-site presentation gallery is opening for appointments later this month. The condominium tower is scheduled to top out on the 19th floor in early August and first move-ins to the community will occur in Q3 2021.
About Selig Development
Selig Enterprises, led by Chairman and CEO Steve Selig, is a 102-year-old family-owned real estate company with significant experience developing large, complex, urban projects in Atlanta and throughout the Southeast. As its development experience and pipeline expanded over the last decade, the company created Selig Development to lead all development and investment activities for the company. Selig Development was founded by Scott Selig along with Chief Operating and Development Officer, Steve Baile. They built a team of experienced development professionals whose experience spans several of the most prominent projects in Atlanta’s recent history. Scott served as President of Selig Development until his untimely passing in 2017 of cancer. His legacy lives on as the development company continues to work to bring about his vision to enhance communities within Atlanta through thoughtfully designed and executed developments that add to the neighborhoods in which they exist. Today, Selig Development is one of the Southeast’s most active developers with more than $1 billion in development under construction.
About Rockefeller Group
Rockefeller Group is a leading U.S. real estate developer, owner and operator, known since the development of Rockefeller Center for pioneering large-scale urban mixed-use development. For more than 90 years the company has been trusted for its financial strength, stability and vision, and today remains committed to the development of innovative, high-quality residential, office, industrial and mixed-use properties in urban centers and major U.S. distribution markets. In addition to its national development platform, led by five regional offices in Atlanta, California, New Jersey, New York and Washington, D.C., the company maintains an ownership and management interest in approximately six million square feet of class-A office property developed in the modern expansion of Rockefeller Center. Visit RockefellerGroup.com.