Atlanta — A partnership of local developer Ackerman & Co. and MDH Partners will soon begin construction of an $85 million multifamily, office and retail expansion to the Lee + White retail property in Atlanta’s West End neighborhood.
The partnership acquired the 11-building, 433,204-square-foot property from Stream Realty Partners in September 2019 and began redeveloping the former industrial property as a mixed-use dining and beverage destination. Atlanta-based Smith Dalia Architects is the master designer of the project.
Development plans include the ground-up construction of a two-story glass structure featuring a 17,000-square-foot food and retail “collective” on the first floor and 18,000 square feet of loft offices on the second floor. The team will convert multiple warehouses on the property into 127,000 square feet of modern office space, as well as 250 multifamily units.
Monday Night Brewing currently anchors the property with its 22,000-square-foot Monday Night Garage brewery and event space. Other tenants include Wild Heaven Beer, ASW Distillery, Cultured South Fermentation Co. and Hop City Craft Beer & Wine. All current tenants have been implemented into the master plan and will remain in their current spaces.
The property is located directly along the Atlanta BeltLine’s Westside Trail, a 22-mile walking trail that encircles the perimeter of the inner city.
“This new phase of development will add a dynamic mix of uses that will heighten activity during the daytime hours while greatly improving the walkability and overall visitor experience throughout the 23-acre site,” says Leo Wiener, president of Ackerman Retail.
Construction is slated to begin in the third quarter of 2020, with delivery of the first phase of office space by the end of 2020. The new ground-up collective building and second phase of office space is expected to come on line in mid-2021.
Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space and currently has approximately 4 million square feet or real estate assets under management. The firm employs more than 100 real estate professionals.
MDH Partners LLC is an Atlanta-based real estate investment company currently managing a $350 million discretionary fund on behalf of its institutional investors. The firm has led or participated in 66 million square feet of acquisitions, developments and asset management totaling more than $4 billion in value as both an advisor and investor.
— Alex Patton