Adaptive Re-Use Development Opportunity | ± 246,000 Existing SF | ± 3.25 Acres

450 Capitol Ave SE Atlanta, GA 30312

450 Capitol Ave SE, Atlanta, GA, 30312
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FOR SALE
Property Type:
MultiFamily Apartments
Amount:
Please Call Broker for Price

Last Verified:
Apr 04, 2023
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Highlights

  • Total of ± 246,000 existing SF with parking deck/garage on ± 3.25 acres
  • Zoned MRC-3C
  • Building is currently gutted (concrete shell) with 98% of asbestos remediated (was a 406-room hotel with conference/banquet space and outdoor pool)
  • Permitted and approved for a 260-unit apartment conversion, with 33,000 SF of retail | Seller has all architectural plans and 3rd party reports available
  • Seller also has plans for 287 units with 23,000 SF of retail (no permits or approvals)
  • Site has up to ± 773,000 SF of remaining FAR under the existing entitlements | Up to ± 915,000 SF of FAR with bonuses
  • 400 existing parking spaces (mix of surface and covered)
  • Located within walking distance of Downtown Atlanta, Georgia State University and the recently redeveloped Georgia Avenue in the popular Summerhill neighborhood
  • Surrounded by the most vibrant and desirable neighborhoods in the metro area, including Grant Park, Cabbagetown and Downtown Atlanta | Easy access to I-85 and I-20

Description

Bull Realty is pleased to offer for sale 450 Capitol Ave SE (also referred to as 450 Hank Aaron Drive) in Atlanta, GA 30312. The property consists of ± 246,000 SF of existing improvements on approximately 3.25 acres. The property fronts both Capitol Ave and Fulton Street, and is adjacent to I-20 with incredible unobstructed skyline views of Downtown Atlanta. The site is just a half mile walk from GA State University’s main campus and the Georgia State Capital, and it is located at the 1996 Olympic arches, directly across the street from GA State’s brand new $85M Convocation Center. It is also a block from the former Brave’s Turner Field, which is now GA State’s football stadium. There is approximately $1B in investment either under construction or planned in the immediate area, including a brand-new Publix development within a stone’s throw from the property and several new popular restaurants and shops within walking distance (Georgia Avenue).

The property was most recently home to a 406-room hotel and banquet facility and has just been completely gutted to its original concrete shell. Under the existing zoning, the property is fully approved and permitted for multifamily conversion with 260 apartment units and 33,000 SF of retail. In addition, the site has up to ± 773,000 SF of remaining FAR under the existing entitlements, or up to ± 915,000 SF of remaining FAR assuming certain bonus requirements are met. Given its proximity to GA State University and Downtown Atlanta and considering all of the new developments in the immediate area, the site is ideal for multiple adaptive reuses including multifamily, student housing, hotel and mixed-use.

Located near Downtown Atlanta

Building Size: 246000sq ft
Lot Size: 3.25 acres


Documents

Offering Memorandum

Map of 450 Capitol Ave SE, Atlanta, GA, 30312

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