A 2022 rendering of The Forge project when Urbantec Development Partners was developing the property as a mixed-use development focused on life science-related businesses. (File)
A 10-acre piece of industrial property in Castleberry Hill may have yet another new lease on life.
Once destined to become the Artisan Yards mixed-use development, the property at Ted Turner Drive and Whitehall Street was acquired by Urbantec Development Partners in 2022 for a project called The Forge – a mixed-use development with a focus on life science-related businesses.
For more than two years, the property sat empty, but now a new owner is in play.
On May 1, Webstar Technology Group announced it had signed a letter of intent (LOI) to acquire and redevelop The Forge property into a 3 million+ square foot mixed-use development.
According to a press release, the property is “fully entitled and shovel-ready” and will feature residential units, boutique and condo hotel rooms, flex space, sports entertainment complex, restaurant and retail, a cultural center, and direct access to Garnett MARTA Station and I-20, I-75, and I-85.
The release noted that The Forge property sits within the SPI-1 SA1 zoning corridor, offering the highest allowable density in the city.
“This acquisition marks a significant milestone in Webstar’s strategic expansion into high-density urban development,” said Ricardo Haynes, CEO of Webstar Technology Group, in the release. “With this LOI, we are poised to bring new life to Atlanta’s urban core while creating long-term value for our investors and stakeholders.”
In February, Webstar Technology Group selected Nelson Worldwide—renowned for projects like The Battery and the St. Regis Hotel in Atlanta—as the lead architect for its $650 million Bear Village Resort in Commerce, GA, and has now expanded that role to include The Forge.
Webstar has also committed to “tokenizing” The Forge projet using blockchain technology. Through digital securities offerings, investors will be able to purchase fractional ownership in the project via dividend-paying digital tokens.
Further details on the acquisition and financing structure will be disclosed in the coming weeks, according to the release.
