Archdiocese's Prominent Midtown Parcel Under Contract
The 4.1-acre site called Ponce and 3rd — formerly home to the Cristo Rey Atlanta Jesuit High School — is slated to be sold to two separate buyers, sources told Bisnow. The identity of the buyers was undisclosed as of press time. Bisnow was not able to determine the price.
“Under the terms of the contract, we are prohibited from sharing any information at this time,” Archdiocese spokesperson Paula Gwynn Grant wrote in an email.
Along with the Archdiocese, the parcel is co-owned by two local families. Cushman & Wakefield was tapped last year to market the property, bounded by Third and West Peachtree streets and Ponce de Leon Avenue next to Icahn Enterprises' AT&T tower, which the telecommunications giant is vacating later this year.
The AT&T tower could fit the initial requirements for Amazon if it selects Atlanta for its $5B HQ2 project. State officials pitched various sites in Midtown as being able to handle Amazon's total requirement of some 8M SF.
While the identity of the buyers was undisclosed, sources told Bisnow at least one developer was eyeing student housing. That move would make sense given the site's proximity to Georgia Tech and Tech Square, where numerous companies have been setting up shop to tap into the university's steady stream of talent.
In its marketing materials, Cushman & Wakefield stated the site could accommodate a mixed-use project of up to 3M SF. Cushman & Wakefield officials declined to comment.
“With the war for talent on the front of every CEO’s mind, any land sites offering close proximity to the bright minds at Georgia Tech should receive strong interest,” Cushman & Wakefield Managing Director Pierce Owings stated on the marketing site. “This 4.1-acre development opportunity sits between Georgia Tech’s main campus, the explosive job creation being generated out of Tech Square and easy access to the world’s busiest airport via the MARTA North Avenue Station.”