Drapac Puts Downtown Development Site With 1.4M SF Of Potential Up For Sale
An Australian real estate investor has put another of its Downtown Atlanta parcels on the market.
Drapac Capital Partners has tapped JLL to sell 323 Spring St., an acre lot sandwiched between West Peachtree Place and Simpson Street a block from Centennial Olympic Park. The site is now a commercial parking lot, operated by Lanier Parking, and was purchased by Drapac in 2016 for $4.2M.
The land was most recently assessed at a value of $3M by the city of Atlanta and is zoned for a mix of uses that could allow for 1.4M SF. Drapac did not disclose an asking price.
“As growth continues in Atlanta’s urban core, development patterns are leading to the northern part of Downtown,” JLL Managing Director Scott Cullen said in a release. Cullen is marketing the property along with Managing Director Mark Lindenbaum.
"The property sits at the nexus of those growth patterns,” Cullen said.
This is the latest Drapac piece to hit the market. The firm is under contract to sell 505 Courtland St. to Woodfield Development, which plans to develop a 16-story, 280-unit apartment tower, the Atlanta Business Chronicle reported.