Prime 1-acre high-rise development site for sale in Atlanta’s Urban Core

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. 

 Scott Cullen

 With zoning that includes Atlanta’s most dense development rights, the property offers a rare opportunity to develop a true mixed-use tower in the heart of Atlanta’s rapidly developing urban core.

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.

Mark Lindenbaum 

 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.

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.

Allen Plaza

 Scott Cullen and Mark Lindenbaum of JLL’s Capital Markets group will oversee the marketing, developer selection and sales process.

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 World of Coca-Cola

“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.”  

 Downtown Atlanta is in the midst of a renaissance, with major development projects occurring at the Gulch, South Downtown, Fairlie-Poplar and SoNo.

 Georgia Aquarium

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. 

 “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.  

For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

 
 Kristen Murphy,

JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

Bank OZK provides $21 million construction loan for Chapel Hill, NC development

 Gwendolyn Harrison

CHARLOTTE, NC – JLL Capital Markets announced it has arranged a $21 million construction loan for the development of The Gwendolyn, a four-story office property totaling 106,000 square feet in Chapel Hill, North Carolina. 

JLL worked on behalf of the borrower, Grubb Properties, to secure the loan through Bank OZK.  

The Gwendolyn is part of the first phase of the Glen Lennox redevelopment, a 70-acre planned community that was completed in the 1950s as the center of living, shopping and industry for Chapel Hill residents. 

 Clay Grubb

 Grubb Properties is revitalizing the community through modern design concepts, tasteful architecture and a network of connected green spaces that will foster increased pedestrian and bicycle connectivity to the retail, office and residential options at Glen Lennox.

“Our motto at Grubb Properties is ‘People Who Care, Places That Matter’ and the evolution of Glen Lennox reflects a purposeful effort to honor the legacy of individuals who have contributed to the greater good of the community, the university, our state and the broader society,” Clay Grubb, CEO, Grubb Properties noted.

“The Gwendolyn is named after Gwendolyn Harrison, the first African-American woman to attend the University of North Carolina in 1951.

"I admire her accomplishments and determination to never give up, paving the way for others to follow suit. We hope by paying homage to these strong women through our buildings we will spark curious conversations about who these individuals were and inspire the next generation of diverse trailblazers and change-seekers.”

Hal Kempson

Scheduled for completion later this year, The Gwendolyn is the first-ever Class A office project in Glen Lennox.

The property will offer 25,000-square-foot floorplates in a LEED® certified building, on-site property management, a terrace café on the ground floor, a fitness center with showers and locker rooms, indoor bike racks and on-site parking for 432 vehicles.

The Gwendolyn is within close proximity to some of the Triangle Area’s largest economic drivers, including Downtown Chapel Hill, Downtown Durham, Research Triangle Park and Raleigh-Durham International Airport.

Additionally, the property benefits from a highly educated workforce due to the 12 local colleges and universities situated nearby and has immediate connectivity to the greater Triangle region via all the MSAs’ primary thoroughfares.

The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director John Gavigan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 John Gavigan

 The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

 
 Kristen Murphy,

JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

www.grubbproperties.com