New urban park to serve both tenants and building visitors while filling void for functional outdoor space in South Midtown
Shorenstein Properties announced today that it has kicked off construction for a new greenspace at Bank of America Plaza which creates a new front door connecting Atlanta’s most iconic building to the surrounding neighborhood through a series of pristine outdoor spaces that tenants and building visitors will be able to enjoy, further revitalizing the South Midtown area.
Totaling approximately 1.2 acres tucked in between North Avenue and Peachtree Street, the contemporary urban park will incorporate a variety of trees, shrubs and other plant life that provide a lush and vibrant greenspace. Existing planter barriers are being removed in order to create new sightlines directly from the street into the building and reconnect the property back to the sidewalks to improve accessibility and attract foot traffic from the surrounding area.
Atlanta-based Lord Aeck Sargent is overseeing design for the project while Humphries & Co. is serving as general contractor. The park is scheduled to open in Summer 2021.
“Open air and the ability to get out of the office is now more important than ever,” said Jack Corey, vice president at Shorenstein Properties. “Top talent needs and expects to have outdoor space, particularly in the environment we’re in now, and Shorenstein’s investment in this project reflects our commitment and belief that South Midtown is indeed the next talent hub in Atlanta. The significant amount of development coming online in the surrounding area only adds to the draw of Bank of America Plaza, which is well positioned for future growth and success.”
In addition to new landscape improvements, the new outdoor park will also include new hardscape zones that include a visually stimulating mix of concrete and granite pavers for variety, wood decking in several locations and site furnishings that will incorporate a diverse mix of tables, chairs and benches. These added features will create a warm and welcoming environment for office users while also drawing in workers and pedestrians from the broader community.
“Bank of America Plaza, the tallest building in the Southeast, has stood as a regional icon on our skyline for decades, with its instantly recognizable gilded capitol serving as a city-wide beacon, orienting Atlantans for years with its towering presence. Yet, as a product of the early 1990s, the tower has never achieved any meaningful relationship with the street or its immediate context,” said Gray Kiser, project manager at Lord Aeck Sargent. “The task of our project is to reintroduce Bank of America Plaza back into the fabric of Downtown and Midtown. To open up the front door of the property and transform it into a vibrant urban plaza creating dialog with the street and providing a series of spaces for a multitude of activities to occur, both programmed and spontaneous. The flexibility of the spaces can accommodate food trucks, outdoor festivals and other community events, which will encourage pedestrians to utilize the plaza and elevate the overall reputation of the property.”
A recent study from Midtown Alliance found that an average of 4,000 pedestrians a day traverse through two intersections located just one block north of the tower. This traffic is fueling a new wave of growth and development for nearby projects in South Midtown such as Tower Square at AT&T Plaza, the new Norfolk Southern corporate headquarters and a future mixed-use district at Emory Midtown. The area’s proximity to Ponce City Market, Tech Square and rapid emergence as a walkable live-work-play community is also helping to attract a wide range of start-ups and established companies that continue to relocate to the neighborhood.
The crown jewel of Atlanta’s skyline, Bank of America Plaza is home to both fast-growing tech firms such as Featurespace, Flexport, Revel Systems, and Riskalyze, as well as established legal and professional services firms like Troutman Pepper, Hunton Andrews Kurth and LBBS.
Bank of America Plaza is directly adjacent to the North Avenue MARTA rail station and offers immediate north and south access to Interstates 75 and 85. Mercedes-Benz Stadium, World of Coca-Cola, Ponce City Market and the Georgia Institute of Technology are all within close proximity to the building. More than 63 restaurants are also located within five blocks of the tower, including Publik Draft House, Edgar’s Proof & Provision, Baraonda Ristorante & Bar and Livingston.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion.
