The founders of Atlanta Tech Village have revealed the first startup locations for the South Downtown expansion plan. The first pop-up space is set to open on Mitchell Street, marking the beginning of a 40-year plan to transform 10 city blocks into a startup ecosystem. The location is a former marketing office belonging to Newport RE, a German real estate firm. Companies are expected to begin touring the new space next week.

David Cummings, co-founder of Atlanta Ventures, one of the leading ventures behind the project, said that two other startup locations will follow. One will open in the Sylvan Hotel, part of Hotel Row, and the other in the Liquid Carbonics building on Nelson Street.

San Francisco-based design firm Gensler Architects has been hired to complete the interiors of the Sylvan Hotel space. The Mitchell Street location opens less than a month after Cummings and his partner, Jon Birdsong, confirmed their plans to take control of dozens of properties in South Downtown and transform the neighborhood with offices, restaurants, and housing.

The founders, hoping to replicate Atlanta Tech Village’s success, have nurtured over 300 startups, including unicorns Calendly and SalesLoft. Birdsong revealed that the entrepreneurs will likely spend tens of millions to acquire the former Newport portfolio. They will draw on prior successes to fund their project, including selling a majority stake in Salesloft to Vista Equity Partners.

South Downtown has been a challenge to revitalize recently, but the founders’ efforts are the latest in progress toward revitalizing Atlanta’s urban core. German investors backing Newport stopped funding redevelopment last year after a historic rise in interest rates and a pullback from lenders jolted the US commercial property sector. In July, Atlanta real estate company Braden Fellman Group offered to buy the portfolio but it collapsed in October.

The founders hope their efforts will lead to long-term changes in South Downtown, providing economic benefits for the city. As they transform a neighborhood previously left behind, they hope to replicate their successes in Buckhead and accelerate the growth of young startups in Atlanta’s central business district. Their ambitions are high and the details emerging from their plans are promising, leaving investors and entrepreneurs hopeful.

Source: Atlanta Tech Village founders reveal first startup locations for South Downtown expansion