This Week's Atlanta Deal Sheet: Aircraft Maker Breaks Ground On Manufacturing Facility In Covington
An aerospace startup is starting construction on a new $65M manufacturing facility that it expects to churn out 650 aircraft per year.
Archer Aviation is building a more than 900K SF aircraft manufacturing complex just outside of the Covington Municipal Airport, 37 miles east of Downtown Atlanta. Archer plans to build the complex in two phases, the first beginning with a 325K SF production building and a 58K SF flight operations building, according to its Developments of Regional Impact application with the Georgia Department of Community Affairs. The second phase will include a 570K SF production building.
Archer chose Covington last year to start mass production of its aircraft, which take off and land vertically, which are aimed at providing consumers on short duration flights in urban centers a form of air taxis. Last year, United Airlines paid Archer $10M for a pre-delivery of 100 of its four-passenger Midnight aircraft.
Archer is seeking Federal Aviation Administration approval for its aircraft by the end of 2024, Vertical reported. Archer didn't say when the entire facility will be built out in its DRI filing, but once completed, the facility is slated to eventually produce 2,300 aircraft a year, Archer CEO Adam Goldstein said during a March 9 earnings call.
DEVELOPMENT
The Ardent Cos. is planning to redevelop 35K SF of its ground-floor office space at Piedmont Center into a mixed-use entertainment center called Oxton. Ardent has partnered with Westbridge principal Chris Faussemagne and Bridger Properties co-founder Merritt Lancaster to inject a mixed-use element into the 14-building office campus in Buckhead.
The space will be marketed toward local food and beverage purveyors, with the spaces leased by Bridger. Ardent is expected to start work on the project in the third quarter.
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The Resmark Cos. and Eastwood Homes are planning to develop a 220-unit single-family-rental community on 30 acres at Smiley Ingram and Center roads off Interstate 75 in Cartersville. The neighborhood will be composed of two-story attached townhouses and will be near the new $5B Hyundai and SK Innovation electric vehicle plant that is set to deliver in 2025.
ASSIGNMENTS
Banyan Street Capital and Square Mile Capital have tapped Colliers Executive Vice Presidents Heather Lamb and Jessica Doyle and Vice President Graham Little to lease 1355 Peachtree, a 20-story, 345K SF office tower in Midtown. Banyan refinanced its $48M loan from 2018 this past January with PNC Bank for $44M, which matures in 2025, according to property tracking firm Databank.
SALES
Knickerbocker Asset Management has purchased Lexington Park, a 156-unit apartment complex in Smyrna from Castlegate Property Group for $24M. Cushman & Wakefield Executive Managing Director Travis Presnell, Executive Director Nathan Swenson and Director James Wilber brokered the transaction.
LEASES
The financial marketing firm Impact Partnership has signed a full-building, 45,500 SF lease at 1688 White Circle, in Marietta. Capital Real Estate Group President Bennett Gottlieb and CEO John Thornton brokered the deal for the tenant.
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The DeKalb County Office of the District Attorney renewed its lease and expanded its office to 30K SF at One West Court Square, a seven-story, 163K SF office building in Downtown Decatur. Capital Real Estate Group’s Bennett Gottlieb, John Thornton and Senior Vice President Ellis Murray represented the landlord, Asana Partners. Travis & Associates Managing Partner Don Travis represented the district attorney’s office.
