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SoNo Redevelopment Site with Income | Midtown Atlanta | ± 1.22 Acres

140 Pine Street NE
Atlanta, GA 30308
PRICE : Contact Bull Realty for information
PROPERTY TYPE: Land
SITE SIZE: 1.22 Acres
BUILDING SIZE: 52,776 SF
YEAR BUILT: 2000

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.

Description

Bull Realty is pleased to exclusively present the opportunity to acquire this 1.22-acre infill redevelopment site. Located in the SoNo district in Midtown Atlanta, this area is emerging as one of the fastest growing areas in Atlanta. This property is walking distance to Marta and two blocks east of Emory Medical. This area has seen unprecedented growth as the demand (especially for multifamily) development continues to rise in SoNo.

Local zoning code, Special Public Interest (SPA-1; SA-3), allows for this site to be improved with a 25-level building which includes 8 levels of parking. A density study shows if the site is assembled, a mixed-use development containing 465 multifamily units should be permitted. The permitted uses include multifamily, hotel, student housing, office and retail. Developers are further attracted to this district because of the property tax breaks which have been granted by the City to off-set record high land prices. Development profits are also enhanced by the property being located within Atlanta’s Community Improvement District (CID) and the Downtown Tax Allocation District (TAD) which provide additional financial incentives.

This property has an income component providing contributory value while developers work through the design and permitting process. The existing improvement consists of a 169-room (plus 1 manager's room apartment) Budgetel Inn & Suites. During the renovation process, this extended stay hotel grossed over $2 million dollars in 2019. If sold to a developer, the Seller is willing to leaseback the Property and will pay the new owner $480,000 for each of the next three years.

This property is being marketed for sale at an unpriced amount. Please reach out to Will Young or Perry Hayes at Bull Realty, Inc. if you would like to submit an offer or discuss this opportunity.

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