Urbantec Development Partners LLC has appointed CBRE to conduct a market study for Forge Atlanta, a proposed multi-billion-dollar development in South Downtown Atlanta. Tim Dick, Hotels Advisory Leader for CBRE’s Valuations & amp; Advisory Services Group, is leading the market study.

“We are pleased to engage CBRE, the world’s leading real estate advisory firm, to undertake this in-
depth market study marking this catalytic project’s transition from the conceptual planning stage into the active programming phase,” said Jae Kim, Urbantec’s Founder and CEO. Forge Atlanta will be located on several acres along Ted Turner Drive and Whitehall Street in Downtown Atlanta. Urbantec Development Partners purchased the property earlier this year. At full build-out, the project is expected to span 3.8 million sq. ft. of mixed-use space, including 1.2 million sq. ft. of residential. Also in the plans are research space for life science tenants, office space, retail, a hotel and an entertainment venue.

“With CBRE now leading the foundational underwriting of this once-in-a-generation urban
redevelopment opportunity, we are confident that Forge Atlanta’s progress trajectory will accelerate
significantly,” said Pietro Doran, Urbantec’s COO and Chief Real Estate Officer. Forge Atlanta would create a new life sciences hub in Atlanta. The life sciences sector has been growing rapidly in Georgia’s capital and largest city. As of 2020, Atlanta was home to about 15,000 life science employees, according to a recent report from CBRE. Between 2019 and 2020, Atlanta also experienced the highest rate of R&D job growth (15.3%) among emerging markets in the country.

“We are delighted to have been selected by the developers of Forge Atlanta to conduct a multi-disciplinary market study for this transformational project,” said David Lanier, CBRE’s Senior Managing Director of Advisory & Transaction Services in Atlanta. “It is another great example of the exciting things that will continue to positively shape the Downtown market.”