The Centennial Yards Company recently marked the groundbreaking ceremony for its 50-acre transformational development in downtown Atlanta. In attendance to celebrate the occasion were: Atlanta Mayor, Andre Dickens; Atlanta Hawks Owner, Tony Ressler, and Vice Chair, Grant Hill; CEO of Atlanta Hawks and State Farm Arena, Steve Koonin; CIM Group Co-Founder & Principal, Richard Ressler; and CEO of H.J. Russell and Company, Michael Russell.

Located at the site where the city of Atlanta was founded, the $5 billion Centennial Yards project represents one of the largest and most ambitious city-center developments in the country: It’s slated to incorporate 8 million square feet upon completion, which will be roughly evenly distributed between residential and commercial uses.

Phase one construction kicked off with the first two ground-up, high-rise buildings of the project, which are located adjacent to Mercedes-Benz Stadium, State Farm Arena, and the Georgia World Congress Center. Designed by Atlanta-based architecture firms Goode Van Slyke Architects (GVSA) and TVS Architecture + Design, the towers will each rise 18 stories and are expected to deliver in 2025.

Anthem — a 292-key, full-service boutique hotel — is located across the street from the Mercedes Benz Arena and features a rooftop restaurant and bar with views overlooking downtown Atlanta; an 8,000-square-foot ballroom with views of Centennial Yards; a pool deck with a bar and event room with capacity for large events; and spacious guest rooms averaging more than 400 square feet.

The second high-rise to break ground this month is an amenity-rich residential tower encompassing more than 300 apartments that range from studios to three-bedroom units. It will offer residents a pool with event lawn and grilling stations; a dog run; a fitness center with state-of-the-art Technogym equipment; multiple residential lounges; and an on-site, state-of-the-art Atlanta coworking space.

“This is a historic day for Centennial Yards, CIM Group, our partners, and for Atlanta, and we are delighted that the project is taking such a major step forward, only a year after securing our development agreement with the city,” said Centennial Yards Company President, Brian McGowan. “Centennial Yards is one of the most ambitious developments in the country, and today’s groundbreaking on the first ground-up towers not only marks an extraordinary day in Atlanta history, but also the celebration of our shared vision for a vibrant downtown coming to life.”

The ambitious urban revitalization project will transform underutilized property in the heart of downtown Atlanta and pave the way for a diverse, collaborative, and inclusive community with thousands of new apartments, a world-class entertainment district, and room for thriving business and amenities. Notably, the project promises to deliver before 2026, when Atlanta will be hosting several key matches in the World Cup.

Centennial Yards’ commitment to the City of Atlanta has also promised to address several economic and social issues that the region is working to improve, including:

  • 25% of entry-level construction jobs at Centennial Yards — and 10% of all construction jobs — to be filled by workers from and around downtown Atlanta
  • $2 million pledged toward vocational training in Atlanta
  • A goal of nearly 40% minority- and female-owned business participation throughout, including in design, development and property management
  • $28 million going toward an affordable housing trust fund for families in and around Atlanta

“With the development of Centennial Yards, we have an opportunity to further revitalize downtown, while bridging the gap between the east and west sides of our city,” said Mayor Andre Dickens. “This project is uniquely Atlanta — bringing the public, private, and non-profit sectors together to dream big and execute a plan in a thoughtful and deliberate manner.”

The overall site masterplan — designed by a global team led by world-renowned architecture firms Foster + Partners and Perkins&Will — includes roughly 4 million square feet dedicated to residential use and 4 million square feet of commercial space for retail, entertainment, hotel and modern Atlanta office space. The new, 50-acre, walkable, mixed-use city center is designed to invite pedestrians; bring neighborhoods together; and secure a sustainability-minded framework for generations to come.