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|Call for Offers||2021-10-19|
- This offering outlines the opportunity to acquire fee-simple interest in 576 Northside Drive NW, Atlanta, GA 30318 (the “Property”), a +/- 2.4-acre parcel located in West Midtown at the intersection of Northside Drive and North Avenue.
- The Property is well situated among three major redevelopment projects that are rapidly changing West Atlanta. The Georgia Institute of Technology’s Technology Enterprise Park Expansion, Lincoln Property Company’s Echo Street Mixed-use project and Microsoft’s recent purchase of the 70-acre Quarry Yards land site, are all within 1.25 miles of the Property. Not including Microsoft’s plans for their site (currently unavailable), the combined impact of Lincoln and Tech’s projects promise over 1.9 million sf of office space, 235,000 sf of retail, over 1,100 residential units and 120 hotel rooms on approximately 38 acres.
- 576 Northside is zoned SPI-3 SA7 by the City of Atlanta, offering a 4.0x FAR multiple for Residential uses and a 2.0x FAR multiple for Non-Residential uses. An existing +/- 11,340 SF commercial building offers the opportunity for carry-cost recovery and an alternative investment strategy.
- Offers Due: Tuesday, October 19, 2021 by 5 pm
- Prominent residential development opportunity in the rapidly redeveloping West Midtown submarket less than 1/10 of a mile from The Atlanta BeltLine
- Two mixed-use development projects, Technology Enterprise Park and Echo Street West, from The Georgia Institute of Technology and Lincoln Property Company, respectively, will add a combined 1.9 million square feet of office space, 235,000 square feet of retail, over 1,100 residential units and 120 hotel rooms within ¼ mile of the Property
- Two street frontages totaling over 950 feet and unobstructed view corridors in all directions
- 11,340 SF of existing commercial space including executive office suites, conference rooms, a general open-plan office or show space, and an adjacent warehouse. Currently vacant, the property could be re-leased for carry cost cover.
- Neighboring The Georgia Institute of Technology and in close proximity to the recently announced Microsoft Corporation West Atlanta Headquarters
- Superior vehicular accessibility using Northside Drive and North Avenue for access to Atlanta’s core