Rezoning applications for the largest remaining undeveloped tract of land on the Beltline’s Eastside Trail could be filed by the end of the year, following the sale of the former Georgia Power marshaling yard to a developer.
According to the Atlanta Business Chronicle, Atlanta-based New City LLC and LAMB Properties acquired the 10-acre site just south of the former Masquerade for $34 million. The deal had been in the works for months.
The redevelopment of the parcel, located between Historic Fourth Ward Park and the Beltline, would join Ponce City Market, New City’s 725 Ponce development, the reincarnation of the Masquerade site, plus hundreds of apartments in a section of Atlanta that’s unrecognizable from a decade ago.
The New City team is far from a newcomer to this particular scene.
Jim Irwin, who heads up the company, cut his teeth with Jamestown’s Ponce City Market. His firm’s temporary offices overlook the former Murder Kroger site as it transforms into 725 Ponce, where the company’s permanent digs will be located.
The large parcel sold quickly, with Georgia Power only beginning to explore the possibility of a sale in March. Clearly, the economics were favorable.
A timeline for development of the project, and what the proposal could look like, are still uncertain.
But given recent changes nearby, it’s logical the new development would include some mix of retail, restaurants, residences, and maybe hotel. (Plans for the Beltline’s first boutique hotel farther south in the Old Fourth Ward have sputtered). Office space is also a potential component, given the size of the site.
For more information on the sale, check out the Atlanta Business Chronicle.
- Transformational Old Fourth Ward site sells for $34 million [Atlanta Business Chronicle; subscriber]
- Largest tract of Beltline-adjacent land in Old Fourth Ward now under contract [Curbed Atlanta]