Webstar Technology Group, Inc. (OTCPK: WBSR) announced the closing of a 10‑acre parcel at the intersection of Ted Turner Drive SW and Whitehall Street SW in downtown Atlanta on December 17, 2025, marking the official launch of its Forge Atlanta mixed‑use development.
The project will feature a 300‑room hotel, 600 luxury condominiums, and roughly 60,500 square feet of retail and entertainment space in the Castleberry Hill district. Phase I is projected to create about 3,000 jobs and generate a $7.37 billion economic impact for Atlanta and Fulton County.
Financing for the first phase will come from a mix of institutional loans, equity, a planned bond issuance, and a $223.7 million inducement approved by the Development Authority of Fulton County. Early condominium pre‑sales have already begun, and Webstar plans to leverage compliant blockchain technology to tokenize real‑world assets and broaden investor participation.
The development is a joint venture between Webstar and Urbantec Development Partners, which previously controlled the site under the Artisan Yards plan. Urbantec’s foreclosure loss and the creation of Forge Atlanta Asset Management LLC as the joint venture vehicle are key to the current ownership structure.
Webstar’s financial profile remains fragile: the company has reported no revenue since inception, a net loss of $153,776 for the six months ended June 30 2025, and minimal cash reserves. The firm has been described as a penny‑stock micro‑cap and has faced scrutiny over past project filings and public claims.
CEO Ricardo Haynes said the land closing “marks a major milestone in our vision to transform an under‑utilized industrial block into a vibrant, mixed‑use district. By integrating traditional real‑estate financing with compliant blockchain technology, we are opening the door for residents, investors, and communities to participate in Atlanta’s growth.” He added that Forge Atlanta aims to become a next‑generation smart‑city hub, fusing lifestyle, innovation, and connectivity.
While the announcement signals a bold strategic pivot, investors should weigh the company’s limited financial resources, regulatory scrutiny, and the substantial capital required to complete Phase I. The development’s success will hinge on Webstar’s ability to secure the remaining financing and manage construction risks in a competitive downtown Atlanta market.
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