$50+ Million Mixed Use Development Planned for Downtown Macon
Staff Report From Middle Georgia CEO
Friday, May 29th, 2015
MMI Capital, LLC and Thornton Realty Company announced a major new development planned for Downtown Macon. The development will include a significant portion of the block located between 1st and 2nd Streets and Poplar and Plum Streets, and is to include a hotel, residences, retail space, a restaurant and a parking structure. The land has been secured and additional discussions are on-going to bring an additional boutique hotel or a condominium development to the project.
The block is strategically located between the downtown core, the Macon-Bibb Government center, the Auditorium, Navicent Health and the emerging entertainment district. The development is anticipated to facilitate the extension of the Second Street Corridor project and will link the City’s Mid-City Square project with the dramatic redevelopment that has occurred in the downtown over the last few years.
The project was presented to the Macon-Bibb Urban Development Authority and the have agreed to actively work with developer to make the project happen. We will be working with the Authority’s attorney to develop an agreement for the sale of its property located at 680 Poplar Street that facilitates the project but protects the Authority in case the project proves unfeasible.
It is anticipated that the parking structure will break ground in early 2016, and the rest of the projects to follow shortly after.
“We are excited about the interest and support we have found on this project. Since the beginning we have had strong interest from multiple developers in each aspect of this project. In fact we have had letters of intent since the beginning of the year. The initial market studies are complete and the numbers are strong. With the Development Authority’s action today we can move forward and begin to convert their interest to firm commitments.” - Miller L. Heath, III, CEO of MMI Capital
The majority of the development will be new construction, but will utilize the Newman and Thornton Realty Buildings to visually anchor the block. The first hotel planned is a national branded, limited service hotel of approximately 120 rooms which will contain some extended stay suites. The multifamily development is proposed to be 120-140 rental units. An estimated 575 space parking structure will be constructed in the center of the block to support the development. The Newman building is to be completely renovated and is anticipated to house a restaurant/bar, spa and meeting spaces. The development will face all four of the surrounding streets and each building will contain retail on the first floor.
“My family has been on this block since 1950, and I have been working here over 30 years. We are excited about the partnership we have formed here, and strongly believe that this is just the first of many new projects to come in this area. This is an exciting time to be involved in downtown Macon.” - Tim Thornton, Thornton Realty Company