A private investor has snatched up a cluster of Atlanta buildings officials describe as city landmarks. The sale includes 300 Ponce De Leon Ave. — identified for decades as the "Kodak building" for the gloriously decaying sign on the roof — and the current home to the Eagle bar, which officials describe as "infamous" in a press release. A group called 300 Ponce De Leon LLC sold the properties to an unnamed investor, who has renewed the lease with the Eagle, Larry Culbertson, owner of The C Group commercial real estate team, said in the release. The sellers "are excited that this site will eventually be developed to fit the Ponce Corridor Overlay Plans," the release states.
Culbertson said the Eagle has occupied its current location since 1985. As for the Kodak building, the original owner was Star Photo. Other uses of note: former Atlanta Mayor Shirley Franklin once used the building as her campaign headquarters, and Whole Foods occupied it to interview potential employees for the nearby Midtown Whole Foods. The purchaser plans to hold the property for future development, Culbertson said.
A sales price was not disclosed. Property records indicate the parcels last sold in 2009 for a combined $700,000. The Kodak building alone went for $400,000.
Could the "spillover effect" from Ponce City Market be reaching this far down the street already? PCM's positive influence was cited in the sale of another old Ponce property in January — the seedy Ponce DeLeon Hotel, which an investor bought for $1.6 million. That buyer reportedly plans to reinvent the hotel as student apartments.
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[Photo courtesy The C Group.]