South downtown has long been a neighborhood dominated by abandoned storefronts and sprawling surface parking lots. A haven for artists, the neighborhood has lagged behind other intown areas in terms of major investments.
That could all soon change.
According to the Atlanta Business Chronicle, investors have scooped up acres of buildings and parking lots south of Five Points, with plans to acquire even more property. The most high-profile grab is the massive 222 Mitchell St. building, which a German real estate company is sealing the deal on.
Plans call for Newport US RE to assemble a swath of properties, stretching from Underground Atlanta to 222 Mitchell, at the eastern edge of Castleberry Hill. The 300,000-square-foot building could be adaptively reused in a number of ways, including condos, offices, retail, or some combination of the three.
Specific details of what could come in the six- to eight-block amassing of properties aren’t available, but there are indications investors hope to complete a master plan for the district, pushing walkability and the adaptive reuse of many century-old properties.
Also, the intention would be to connect with a re-envisioned Underground Atlanta, which will transform from abandoned mall into mega mixed-use center.
While grand plans are one thing, securing the resources and support to turn the vision into reality are another matter. Expect details to develop slowly over the coming years.
- Giant south downtown project taking shape [Atlanta Business Chronicle]