Drapac Buys Another City Site
An Australian real estate company with a hunger for urban Atlanta parcels has secured another one.
Drapac Capital Partners just bought 129 North Ave., a property that includes the popular Atlanta restaurant Original J.R. Crickets, the Atlanta Business Chronicle reports. Drapac paid $10.75M for the 1.7-acre site at the intersection of North Avenue and Courtland Street in Midtown, near the iconic Bank of America Plaza tower. Drapac could have the ability to develop up to 600K SF with no height restrictions, the ABC reports.
“Nothing is off the table,” Drapac Chief Operating Officer Sebastian Drapac told the paper. "We are doing a highest-and-best-use study at the moment. We will be patient."
As Bisnow reported, Drapac Capital has been gobbling up land in Atlanta for a couple of years, including 50 Ivan Allen Plaza, a site next to the Ivan Allen office complex that could be developed to larger than 1M SF. Other recent acquisitions include 323 Spring St., 245 Auburn Ave. and 505 Courtland St., which borders the Old Fourth Ward neighborhood.
“We feel that the urbanization story in Atlanta is quite immature,” Drapac told Bisnow. "It's in its early days."