Entire Midtown Atlanta block—a developer’s dream—could soon hit the market

Over the past decade, as dozens of acres of parking lots in Midtown have been transformed into new apartments, retail spaces, and office towers, a few prime parcels have laid fallow.

For density geeks, the persistence of large, block-swallowing lots has been agonizing to bear. Alas, why can’t development fill every block in Midtown?

But now, one of the submarket’s largest (and most irritating) vacant blocks could soon be up for sale, according to the Atlanta Business Chronicle.

The 4.1-acre lot bounded by Spring, West Peachtree, and Third streets, and Ponce de Leon Avenue may hit the market this fall. The site will be marketed as “Ponce & 3rd.”

Currently, the site is comprised mostly of asphalt parking lots, with a vacant four-story building included that most recently housed Cristo Rey school, facing West Peachtree Street.

Across Spring Street from the site is the parking lot on the north side of the Varsity, while across West Peachtree Street is the AT&T Center and North Avenue MARTA Station entrance.

Most importantly, the site sits just south of Tech Square, where construction of CODA is well underway, and where Portman Holdings is planning a substantial new residential and office development.

MARTA is reportedly excited about the potential of any new development on the site and is monitoring the sale of the property.

While there’s no listing price available, those familiar with the property offered lofty estimates to the Atlanta Business Chronicle. With a slew of other projects rising or planned in the area, the land should be an attractive offering to the right developer.

Those who love Midtown (and hate sprawling surface parking lots) will want to follow this one closely.

• Key 4-acre Midtown parcel hits market [Atlanta Business Chronicle; subscriber]