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SoNo Redevelopment Site with Income | Midtown Atlanta | ± 1.22 Acres – Listing Details

140 Pine Street NE, Atlanta, GA 30308

  • For Sale Contact Bull Realty
  • City Atlanta
  • Neighborhood Downtown Atlanta
  • Zip Code 30308
  • Market Atlanta
  • Property Type Other
  • Property Size 52,776 Sqft
  • Lot Size 1.22 Acre
  • Property Tenancy Multi-Tenant
  • Year Built 2000
  • Date Updated 16 Feb, 2021
Located in a prime Midtown, Atlanta location surrounded by many demand drivers. Situated 1 block east of Emory University's Midtown Hospital, 0.5 miles east of GA Institute of Technology, 0.6 miles north of Georgia State University, 0.25 miles east of the Civic Center Marta Station, 0.2 miles east of I-75/85 and is adjacent to St. Jude's Recovery Center. Midtown is marked by its cultural attractions, institutions of higher education, noteworthy architecture, and urban layout. The district is the center of the city’s art scene that includes the Fox Theatre, Woodruff Arts Center, the High Museum of Art, the Museum of Design Atlanta, the Atlanta Symphony Orchestra, the Center for Puppetry Arts and the 14th Street Playhouse. Georgia Institute of Technology, Georgia State University and the Atlanta division of the Savannah College of Art and Design (SCAD) also call this neighborhood home. Midtown contains about one-third of the city’s high-rises and some of Atlanta’s most iconic buildings, such as the Bank of America Plaza, AT&T Midtown Center, Atlantic Center and 1180 Peachtree.
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Location

  • City Atlanta, GA
  • Neighborhood Downtown Atlanta
  • Zip Code 30308
  • Market Atlanta

Contacts

broker

Will Young

Bull Realty

(404) 876-1640

Highlights

  • Hyper-core hotel situated on 1.22 acres provides both income and up to 1.8 - 2.0 acres of assemblage potential in the SoNo section of Midtown Atlanta
  • This Budgetel Hotel has 120 surface parking spaces and 169 apartment-style suites which were recently renovated
  • Up to 3 years of income ($40,000/month; plus insurance and maintenance) is available until redevelopment is feasible
  • Seller willing to leaseback and manage the existing property for up to three years providing a purchaser $40,000/month in base rent plus the cost of insurance and maintenance
  • Cell tower lease is MTM and may be extended, renegotiated or terminated or renegotiated with one month's notice at purchaser's discretion
  • Existing SPI-1 & SA-3 zoning allows for many commercial uses including retail, office, hotels, and multi-family development
  • High-density zoning allows for up to a 25-level development per density study; minimal, if any, requirement for parking or boundary setbacks
  • Over 9% population growth is projected by 2024
  • Situated a block east of Emory University's Midtown Hospital, 0.5 miles east of GA Institute of Technology, 0.6 miles north of Georgia State University, 0.25 miles east of the Civic Center Marta Station, 0.2 miles east of I-75/85 and is
  • Upcoming projects nearby include the Winship Center, the $87M Woodfield Development. Renaissance (126 Renaissance Pkwy NE) & Lennar's 20-story proposed project between Juniper and the park at 195 13th Street.
  • Over the past five years, in just the 1.2-square-mile subsection of Atlanta that is the Midtown Improvement District, some 40 high-rises, block-altering residential communities, and significant building alterations have materialized. A dozen more have been proposed.

Attachments

Contact Listing Broker

broker

Will Young

Bull Realty

(404) 876-1640

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