Prime 1-acre high-rise development site for sale in Atlanta’s Urban Core
Drapac Capital Partners selected JLL Capital Markets to market the property
ATLANTA, GA, August 18, 2020 – 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.
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.
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.
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 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. 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.