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Ponce Purchase

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In what neighborhood leaders are calling another positive spillover from Ponce City Market, an investor has purchased the Ponce DeLeon Hotel with plans to possibly revamp the property as student apartments, the Atlanta Business Chronicle reports. Long a magnet for shady characters, the hotel sold for $1.6 million — a bargain for 58 rooms, right? — and boasts some interesting architectural details. Could this one transaction help purge the seediness from this stretch of Ponce? [ABC]