One of the highest profile abandoned buildings in Atlanta has been sold for just $62 per square foot.
The 105-year-old Norfolk Southern building—actually two narrow white brick buildings connected by a four-story bridge across Nelson Street—was sold to a shell LLC for $25 million, according to the Atlanta Business Chronicle.
Snuggled between The Gulch and Ted Turner Drive, the eight-story buildings have stood vacant for years, providing the backdrop for movie shoots and a whole bunch of nothing.
As South Downtown experiences a (potential) renaissance, fueled by projects including WRS’s planned redevelopment of Underground, Newport’s eight-block project, and CIM Group’s billion-dollar Gulch plans, it was only a matter of time before the building sold. In fact, rumors had been swirling since August about a potential sale.
While details are still scant, per the newspaper, the buyer appears to be affiliated with CIM.
What’s more certain is that the property, with more than 400,000 square feet, has potential to be a major adaptive-reuse development, which could fuel more investment in the neighborhood.
Observers have mentioned the property’s potential in the same breath as Ponce City Market, although the latter is much larger and connected to the lifeblood Beltline. Back in 2011, when it was still City Hall East, PCM sold to developers for a similarly small amount: $27 million.
- South downtown's Norfolk Southern building sells for $25 million [Atlanta Business Chronicle]
- Where Castleberry Hill meets downtown Atlanta, old Norfolk Southern building next to get love? [Curbed Atlanta]