News
BITE OUTTA MIDTOWN
January 19, 2011
| After piecing together 1.5 acres in Midtown, sources tell us a newly formed fund involving Novare Group's Jim Borders, is in talks to buy the corner lot at the intersection of West Peachtree and 14th Street, across from Atlantic Center Plaza. | |
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| The fund, called NoteSouth, already owns 1110 to 1122 West Peachtree; 1113 Spring; and 1123 to 1135 Spring streets, which it bought from BB&T, according to information provided by Databank. The new lot (1084 West Peachtree) is currently is home to a parking lot and a small brick, empty office building. (We didn't go inside when we took this pic but call it a reporter's hunch.) This marks a return of sorts for Jim, who lost the land last year when BB&T foreclosed but long had plans for mixed-use projects there. NoteSouth emerged earlier this month through SEC filings as a fund, raising money to buydistressed assets. Others involved include Ackerman & Co's Kris Miller and Brand Morgan of Brand Properties. The fund itself is an offshoot of activity Brand had been doing for two years. David Rubinger, a spokesman for NoteSouth, declined to comment, saying the fund is in a mandatory quiet period. | |
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| Remember this? It's the other 14th and West Peachtree corner that we first reported as being purchased by Orlando-based Avanti Properties Group, including the popular Einstein Bagels just across from One Atlantic Center. Avanti previous told us it plans to hold the property until development returns to Midtown. And NoteSouth's strategy, while not official, will likely be the same. | |
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| You'll remember Avanti from a recent, huge land play in Cartersville. It acquired a 2,600-acre planned residential community in the northern suburb on faith that Atlanta's housing market will one day return. Called Carter Grove Plantation, a previous developer already finished some 400 lots—many with homes already on them—in the project's first phase. There's enough land for another 2,300 units, says Avanti's Andrew Dubill. The Orlando-based land investor, which made a grand entrance with its Midtown purchase a few weeks ago, picked up the project from the estate of the developer after he passed away a few years ago, Andrew says. ?We're devising a plan as to what to do with these finished lots. We'll probably sell them over time once the market is right.? | |
