Atlanta-based developer Portman Holdings unveiled details of its future Amsterdam Walk project recently, which will include hundreds of new apartments, retail spaces and future offices.
The 9-acre project, planned for 2028, is in its early design phases, according to the Atlanta Journal-Constitution in a Sept. 13 article, but the effort is poised to become a defining mixed-use destination along the city's Beltline and Piedmont Park.
Because of its scope, the development must go through a regional infrastructure and traffic analysis before proceeding, the newspaper reported.
Mike Greene, Portman's vice president of development, told the Journal-Constitution that his firm is taking a patient approach with Amsterdam Walk, deeming it a "darn unique spot" for new housing, offices and shops.
First announced in April, the project is a partnership between Portman and Halpern Enterprises, another developer headquartered in Georgia's capital city.
Their plan centers around razing the site's existing shopping center, which mostly consists of adapted warehouses, to make way for new construction and connections to the Beltline.
The Atlanta news source noted that earlier in September, a Development of Regional Impact (DRI) filing was made public — a required step for large projects set to impact multiple jurisdictions.
The Atlanta Regional Commission will review the submission and issue infrastructure recommendations once Portman formally requests rezoning, which Greene said will likely happen in October. The current zoning allows for more than 1 million sq. ft. of commercial space but does not permit residential use.
Portman wants to build up to 400,000 sq. ft. of offices, 90,000 sq. ft. of retail and restaurant space, and 900 apartments. Greene said his company will likely stick with that many apartments, but he added the firm overestimated office and retail space for the sake of the DRI's traffic study.
"Commercial square footage generates more traffic in a traffic study than residential square footage — roughly three times more," he said. "So, this is basically a worst-case scenario."
Greene noted the final plan will probably be closer to 300,000 sq. ft. of offices and less than 70,000 sq. ft. of retail.
Affordable Housing, Retail to Be Included
Amsterdam Walk's development team wants to deliver more affordable housing units than the code requires, Greene explained, adding that Portman and Halpern are in negotiations with the Beltline and Invest Atlanta, the city's economic development arm.
"They want to try to get the highest percentage of affordable housing possible in the deal," he told the Journal-Constitution.
Greene expects to reserve roughly a fifth of the new apartment units at Amsterdam Walk for residents making 80 percent of the area median income, which is $57,200 for an individual. That is a third more than Beltline requirements.
The developers also anticipate incorporating affordable commercial spaces for retailers. Offering shop owners reduced rates has become a mission of Beltline officials in response to massive growth along the trail's most popular segments.
Greene said the first phase of the project will likely focus on the residential, retail and public aspects of the project, including plazas and courtyards, which he characterized as the crux of a successful mixed-use district.
"You have got to get to a critical mass that creates a place," he told the Atlanta newspaper.
Neighborhood Groups Worry About Congestion
Amsterdam Walk is divided between the Morningside-Lenox Park and Virginia-Highland neighborhoods.
Neighborhood groups told the Atlanta news source that residents' top concerns have been whether a new Amsterdam Walk will clog already congested Monroe Drive.
Don Campbell, president of the Morningside-Lenox Park Association, said they have been shown copious amounts of traffic data that Portman collected last spring before school let out.
"People always make the assumption that a development of this type will absolutely increase traffic in the area," he explained. "But in many cases, that is not true because the idea of making it a walkable, bikeable, pedestrian-friendly area sometimes decreases traffic because parking is not the main focus of the project."
Kimley-Horn, an engineering consultancy firm, was hired to analyze that data as part of the DRI review, and Greene said the company will analyze 11 different intersections near the project site.
Future feedback meetings are expected as new project details are determined, he noted, adding that he expects to release preliminary site plans for public review later this month.
Leah Matthews, president of the Virginia-Highland Civic Association, said public feedback is encouraged, adding she has "full faith" that neighbors will be kept in the loop.
Portman Hoping for Healthier Lending Market
Portman made headlines in August by scaling back its development plan for a large project along Ponce de Leon Avenue near Atlanta's Ponce City Market due to a weak lending market for new office projects.
Greene said Amsterdam Walk will take at least two years to break ground, and by then he anticipates the demand for new offices to bounce back.
"If the economic picture hasn't cleared up in two years, you and I have bigger problems than trying to figure out how to get Amsterdam [Walk] out of the ground," he explained.
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