{"id":1004051418,"date":"2012-08-21T07:43:17","date_gmt":"2012-08-21T15:43:17","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=63460"},"modified":"2020-04-08T06:44:47","modified_gmt":"2020-04-08T14:44:47","slug":"midtown-block-trades-hands-soon-to-house-321-luxury-units","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/midtown-block-trades-hands-soon-to-house-321-luxury-units\/","title":{"rendered":"Midtown Block Trades Hands, Soon to House 321 Luxury Units"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Georgiana Mihaila, Associate Editor <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/131-Ponce-de-Leon.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-63461\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/131-Ponce-de-Leon.jpg\" alt=\"\" width=\"300\" height=\"206\" \/><\/a><\/em><\/p>\n<p style=\"text-align: justify\">A 2.5-acre site, located at the very core of Midtown Atlanta at 131 Ponce de Leon Ave., recently changed hands for $6.5 million.<\/p>\n<p style=\"text-align: justify\">The property, consisting of nearly an entire city block, includes famed architect I. M. Pei\u2019s first office building. Bound by Ponce De Leon Avenue, North Avenue, Piedmont Avenue and Juniper Street, the site includes the entire block except for St. Paul\u2019s church, which was once home to the well-known Abbey restaurant.<\/p>\n<p style=\"text-align: justify\">The buyer\u2014a joint venture between Sereo Group and Faison Enterprises Inc.\u2014plans to develop a new mixed-use project consisting of 321 luxury apartments and 8,600 square feet of retail space. The site has already been zoned for a 1.4 million-square-foot mixed-use development, as previous owner Thirty Third Latitude Properties had a major project centered on sustainability in mind for the 2.5-acre property. The SPI-16 zoning allows versatile uses including office, retail, medical, hotel, multifamily, assisted living, or student housing.<\/p>\n<p style=\"text-align: justify\">Three existing buildings totaling in excess of 75,000 square feet have been included in the sale.<\/p>\n<p style=\"text-align: justify\">The sale has been brokered by Daniel Latshaw, partner with Bull Realty. \u201cThere was tremendous interest with 10 competing offers,\u201d said Michael Bull, president of Bull Realty and host of the Commercial Real Estate Show. \u201cThe lenders, United Bank and Synovus Bank, were able to maximize their recovery by cooperating with the original developer to market the property. When you add the cost of demolition to the just-over-$59-per-square-foot land price, it\u2019s a good sign for the commercial real estate recovery.\u201d<\/p>\n<p style=\"text-align: justify\">According to an official statement, Latshaw is particularly excited about the new buyer\u2019s plans to tie the old to the new. \u201cThe concept not only preserves the fa\u00e7ade of the Pei building, but makes it a centerpiece of the design and celebrates Pei\u2019s architecture and legacy\u201d.<\/p>\n<p style=\"text-align: justify\"><em>Image Courtesy of Wilbert News Strategies<\/em><\/p>\n<p style=\"text-align: justify\"><strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-strong-job-growth-and-single-family-woes-to-boost-atlanta-apartment-sector\/1004051620.html\" target=\"_blank\" rel=\"nofollow\">Click here<\/a><a href=\"https:\/\/www.multihousingnews.com\/news\/according-to-market-report-long-island-city-n-y-is-thriving\/1004047937.html\" target=\"_blank\" rel=\"nofollow\">\u00a0<\/a><\/strong>for more market data on Atlanta.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A 2.5-acre site, located at the very core of Midtown Atlanta at 131 Ponce de Leon Ave., recently changed hands for $6.5 million.<\/p>\n","protected":false},"author":1269,"featured_media":1004507202,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21742],"tags":[39387],"class_list":["post-1004051418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-latest","tag-atlanta"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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