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| The site, at 323 Spring Street, totals just under one acre at Spring (Ted Turner Drive) between West Peachtree Place and Simpson Street with frontage on all three streets |
ATLANTA, GA – Drapac Capital Partners has hired commercial real estate firm JLL Capital Markets to market its property located at 323 Spring St. in Atlanta. The site is in the northern section of Downtown Atlanta set among premier high-rise office and mixed-use towers.
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| Scott Cullen |
The
site totals just under one acre at Spring (Ted Turner Drive) between West
Peachtree Place and Simpson Street with frontage on all three streets.
Currently
utilized as a commercial parking operation, the site provides a solid income
stream allowing flexibility on development timing.
Located
within the Downtown Atlanta zoning district, the property allows for a
significantly dense development within the existing zoning ordinance with
generous FAR and programmatic flexibility allowing for a mix of potential uses.
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| Mark Lindenbaum |
The
site is one block from the mixed-use Allen Plaza project and one block
from Atlanta’s museum campus, including the World of Coca-Cola, the Center
for Civil and Human Rights, the Georgia Aquarium and Centennial Olympic Park.
The
proposed Stitch project is two blocks away and will create a seamless
connection for pedestrians and alternative transportation options connecting to
the Civic Center MARTA station, as well as Midtown and Downtown.
Possible
uses for the site include dense residential, office, hospitality and student
housing options.
Scott
Cullen and Mark Lindenbaum of JLL’s Capital Markets group will
oversee the marketing, developer selection and sales process.
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| Allen Plaza |
The
JLL team has recently brokered other dense development sites in the area,
including the MARTA North Avenue Station; 693 Peachtree Street, now the site of
the award-winning lilli Midtown; Juniper & 5th, currently being developed
for a high-rise residential project by StreetLights Residential; and 505
Courtland Street, planned for a residential tower by Woodfield Development.
“As
growth continues in Atlanta’s urban core, development patterns are leading to
the northern part of Downtown,” Cullen said.
“The
property sits at the nexus of those growth patterns, including the increased
development in the southern portion of Midtown and SoNo (south of North
Avenue), and the growth of the heart of Downtown.
Moreover, the dwindling supply of quality dense development sites makes this a rare opportunity for purchase.”
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| The World of Coca-Cola |
Moreover, the dwindling supply of quality dense development sites makes this a rare opportunity for purchase.”
Downtown
Atlanta is in the midst of a renaissance, with major development projects
occurring at the Gulch, South Downtown, Fairlie-Poplar and SoNo.
Almost
$10 billion worth of development projects have been developed or announced in the
past five years, including 8,000 residential units, 4,000 hotel rooms and 14
million square feet of commercial space.
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| Georgia Aquarium |
“We
see the northern section of Downtown Atlanta as the logical place for continued
densification of Atlanta’s core, with tremendous amenities, new development
projects in the pipeline and the future Stitch project,” Lindenbaum added.
“The existing street grid and accessibility
to the I-75/85 connector make this a strategic location for a dense, mixed-use
development project.”
More
information is available at www.323Spring.com.
CONTACT:
Kristen Murphy,
JLL Senior Manager
Public
Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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