CENTENNIAL PARK SITE ON MARKET
| A limited number of prime development sites exist on Centennial Olympic Park Drive downtown, so when we heard that one previously spoken for is about to be available again, we knew we had a good story. | |
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This morning we snapped this of 377 Centennial Olympic Park Drive, minutes after being tipped off to the listing. The 2.36-acre site was taken off the market in early ?08 when Vista Realty Partners acquired it for $10.5 million from Integral Group. Vista planned to develop a 400-unit apartment tower and 15k SF of retail, but the market crash killed those plans. After two years, Integral once again controls the site and has enlisted a team of brokers including Alan Joel of Joel & Granot Commercial Real Estate and City Realty Advisors? Tim Holdroyd to market the site. Joel tells us, ?This is a great opportunity that comes along only in a bad market.? | |
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Given 377 Centennial Olympic Park Drive?s proximity to the World of Coca-Cola (above), The Children's Museum, and Georgia Aquarium, we bet the College Football Hall of Fame and National Health Museum at least will take a look. Alan says he's talking to ?organizations or entities that want to be at the park and near those attractions, who could benefit from what is already there.? Whoever buys the site could build 2.5M SF of commercial or more than 1M SF of residential—or a mixture. A brand-new sign will be erected to market the site as early as next week. |
