The City of Atlanta has chosen Atlanta-based real estate investment firm JMG Realty, Inc. to manage the development of the 164-unit mixed use City Plaza.
"We look forward to working with the City of Atlanta to continue providing high quality housing and retail opportunities in the heart of the city," said Jean Woodworth, Executive Vice-President of JMG Realty, Inc.
The City Plaza was originally built in 1996 to house the Georgia State Patrol during the Atlanta Summer Olympics. The building contains 164 residential units and six individual retail "bays." The mixed use residential/retail building was acquired by the City of Atlanta on Dec. 29, 2015. The city plans to use the "bays" for a pharmacy and a fitness & wellness center that will be conveniently located for city employees in the nearby Atlanta City Hall.
"Acquiring the City Plaza complex provides us with an important opportunity to enhance services for city residents," Mayor Kasim Reed said. "I am excited about this opportunity and believe residents and employees will benefit from this acquisition for years to come."
According to the press release of JMG Realty, Inc. in PR NewsWire, JMG has already started a major renovation project in the City Plaza that totals to $1.5 million up-to-date before the change of ownership. These upgrades and improvements include: the removal of ceiling and carpet in all interior hallways to be replaced with modern sealed cement, updates to the lighting and loft style open ceiling; upgrades of all units with stainless appliances, new wood inspired laminate flooring, brush nickel lighting fixtures, refaced cabinets, tiled shower surrounds, and full color change; and 100 percent modernization of all amenities with fresh electronics and aesthetics.
JMG Realty, Inc. is an Atlanta-based real estate investment firm that provides redevelopment, financial, investment and management services for multi-family real estate, including conventional and student housing, for both private and institutional owners. At present, the firm manages 25,000 units across the United States and has over $2.4 billion in assets.
