Drapac Places SoNo Site On The Market, Pitches Mixed-Use Future
An Australian investor who has has been amassing prime Atlanta parcels is letting one of them go.
Drapac Capital Partners has tapped JLL to market 505 Courtland St., an undeveloped, 1-acre lot on the border of Midtown and Downtown Atlanta and near the popular Old Fourth Ward neighborhood. The site is being branded as Courtland/Renaissance and could eventually make way for a mixed-use development, JLL officials said.
The site also is a block from Emory University Hospital Midtown and two blocks from the hospital's proton therapy center, which also opens it up to medical uses.
“We’ve had our eye on this part of Atlanta for several years,” said JLL Executive Vice President Scott Cullen, who is part of the team marketing the property. "With development sites in Midtown and Downtown becoming scarcer, SoNo is seeing substantial new growth and interest."
SoNo is a term that has cropped up among real estate pros to describe the area of Atlanta south of North Avenue and near the border to Downtown. Officials with Drapac did not return calls seeking comment.
Drapac has been gobbling up land in Atlanta for a few years now, including the parking lot that was set to house 50 Ivan Allen Plaza. That lot sits in the shadow of the Ivan Allen office complex that overlooks the Interstate 85/75 interchange and could see more than 1M SF of development.
The firm owns 7 acres spread across the city that could accommodate future high-rise development, including 323 Spring St. Downtown, 245 Auburn Ave. in the Sweet Auburn historic district as well as 505 Courtland St.
“We feel that Atlanta, the urbanization story in Atlanta, is quite immature. It's in its early days,” Drapac Chief Operating Officer Sebastian Drapac told Bisnow last year.
