Major Midtown Property Near Tech Square To Hit Market
One of the few remaining sites near Midtown’s Tech Square is coming onto the market.
Courtesy of Atlanta Business Chronicle
One of the few remaining sites near Midtown’s Tech Square is coming onto the market, a site on which developers could build almost 3 million square feet of commercial space in one of the nation’s rapidly expanding innovation districts.
According to this week’s Atlanta Business Chronicle, a group of Midtown property owners, including the Catholic Archdiocese of Atlanta, plan to list the 4.1-acre site at West Peachtree, Spring Street, Ponce de Leon Avenue and 3rd Street.
It could hit the market in the next week. The owners are not releasing an asking price, but people familiar with the property say it could fetch at least $9 million an acre. That may be on the conservative side, given the activity around Tech Square.
The property, marketed as Ponce & 3rd, sits in the bull’s eye of Tech Square’s expansion southward. In July, Portman Holdings also confirmed it was planning two more towers just south of Tech Square at 740 West Peachtree. That project would rise just across from the potential development at Ponce & 3rd.
The 4-acre site the Archdiocese and fellow property owners want to sell could also help form a walkable connection between Tech Square and the nearby North Avenue MARTA Station.
The first call for offers on Ponce and 3rd will probably come this fall. A lead buyer could be picked before the holidays. 3rd will probably come this fall. A lead buyer could be picked before the holidays.
Douglas Sams covers commercial real estate for Atlanta Business Chronicle.
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