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OFFERING MEMORANDUM PRIME ± 0.79 ACRE WEST MIDTOWN CORNER REDEVELOPMENT SITE TABLE OF CONTENTS THE OFFERING 3 PROPERTY OVERVIEW 4 PROPERTY INFORMATION 5 PHOTOS 6 SURVEY 8 Andy Lundsberg Partner AREA OVERVIEW 9 [email protected] IN THE AREA MAP 10 404-876-1640 x107 ABOUT THE AREA 15 UPCOMING DEVELOPMENTS 16 Michael Wess, CCIM DEMOGRAPHICS 17 Commercial Real Estate Advisor [email protected] 404-876-1640 x150 BROKER PROFILE 20 TEAM PROFILE 21 DISCLAIMER & LIMITING CONDITIONS 22 50 Glenlake Parkway, Suite 600 Atlanta, GA 30328 BullRealty.com Exclusively listed by Bull Realty, Inc. THE OFFERING WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 3 of 22 PROPERTY OVERVIEW Prime W. Midtown, corner redevelopment site is situated on busy Chattahoochee Ave, which has traffic counts of 16,990 vehicles per day. The site currently has 2 points of ingress/egress, one on Chattahoochee Avenue and one on Defoor Circle. The site currently has a ± 5,778 SF building with 3 tenant spaces. Two are occupied by short-term tenants with one vacant space. Excellent owner/user opportunity for any user in need of a freestanding building with excellent parking, great exposure and visibility, large pylon sign for advertising and additional outdoor storage space. Ideal uses include retail, showroom, office or flex. SURROUNDING DEVELOPMENT The surrounding area is continually undergoing investment and development. All of the amenities and urban luxuries of Midtown and Buckhead are also minutes away. • Fire Maker Brewing is opening a new 2,000 SF bar adjacent to the subject property • In 2015, Top Golf built a driving range minutes away on Ellsworth Industrial Blvd • Spanning over 80-acres, Selig Enterprises’ The Works at Chattahoochee will be an adaptive mixed-use development for live, work and play • Additional creative loft offices including Complex West Midtown and Lumberyard Lofts have attracted an educated workforce to the surrouding area • Read about additional adaptive reuse development here $ PRICE $1,950,000 WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 4 of 22 PROPERTY INFORMATION ADDRESS 987 Chattahoochee Ave Atlanta, GA 30318 COUNTY Fulton BUILDING SIZE ± 5,778 SF SITE SIZE ± 0.79 Acres INGRESS/ENGRESS 2 TRAFFIC COUNTS 16,990 VPD on Chattahoochee Ave YEAR BUILT 1958 CEILING HEIGHT 14’ DRIVE-IN BAY 1 / 8’w x 10’h DOCKS 1 exterior ZONING I-1 - Beltline Overlay PROPOSED USE Redevelopment or owner/user SALES PRICE $1,950,000 WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 5 of 22 PHOTOS WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 6 of 22 PHOTOS WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 7 of 22 SURVEY WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 8 of 22 ABOUT THE AREA WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 9 of 22 IN THE AREA WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 10 of 22 WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 11 of 22 WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 12 of 22 IN THE AREA ATLANTA BELTLINE 1 The Atlanta BeltLine is a sustainable redevelopment project that provides a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other. ATLANTIC STATION 2 Atlantic Station is 15 million SF of retail, office, residential space and public parks. Open in 2005, Atlantic Station became the nation’s largest urban Brownfield redevelopment at that time. The size of Atlantic Station encouraged the U.S. Postal Service to award the neighborhood with its own zip code: 30363. THE INTERLOCK 3 The Interlock is an urban mixed-use lifestyle center composed of 90,000 SF retail space, 200,000 loft office space, a 125-room boutique hotel, rooftop entertainment space and 300 housing units. The entire project headlined by developer S.J. Collins Enterprises is projected to cost $450-million and is slated to open Spring 2020. STAR METALS 4 This $330-million mixed-use development includes 1,550,000 gross SF in its master plan - broken down to include 227,000 SF class A office space, 409 residential units, 60,000 SF retail space and 155 key boutique hotel rooms. Star Metals’ modern conveniences and sustainable design are essential to the offices, residences and retail shops of this innovative project. WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 13 of 22 IN THE AREA OSPREY 5 Toll Brothers has plans for a 319-unit apartment and 13,000 SF retail mixed-use development proposed for the corner of Howell Mill and 10th St. Its grand opening is proposed for sometime in 2020. STOCKYARDS 6 Stockyards is an adaptive re-use of historic buildings dating back to the early 1900s. The property was redeveloped into 143,500 SF of creative office and entertainment space in 2017. Stockyards is one of the last remaining historic properties to be redeveloped and current tenants include The Painted Duck and Donetto. 8WEST 7 Located at the corner of 8th and Howell Mill, 8West is a mixed-use development featuring 175,000 SF office space, 10,000 SF retail space, 264 apartments and a 680-space parking deck for the nine-story development. General partners Gateway and ACP will coordinate development and marketing/leasing services for the $150-million project. QUARRY YARDS & WESTSIDE PARK AT BELLWOOD QUARRY 8 The development encompasses over 70 acres of land on Donald Lee Hollowell Parkway next to the Bankhead MARTA Station. While specific uses are still being determined, the zoning for Phase 1 allows for up to 850 residential units, 575,000 SF of office space, 75,000 SF of retail/restaurants and a 300-key hotel. Quarry Yards is located directly adjacent to the new Westside Park at Bellwood Quarry, a 300-acre park. Once completed, the park will be the largest park in Atlanta, and create a tremendous amenity for the city and those who live, work, and play at Quarry Yards. In addition, the new Proctor Creek Greenway runs through the heart of the site and will eventually link the Westside BeltLine trail with the new park. WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 14 of 22 WEST MIDTOWN The West Midtown neighborhood of Atlanta has grown by leaps and bounds over the last few years. Once an industrial haven, this neighborhood has become a mecca for young professionals and design enthusiasts due to its retail offerings and excellent dining scene. Atlanta’s West Midtown is reinventing itself. Once largely industrial, this area is now home to a lively selection of urban lofts, art galleries, live music venues, retail shops, restaurants and modern office space. Spanning from the southern tip of Howell Mill Road to 17th Street – and located minutes from Downtown, Buckhead and all of Atlanta’s major highways and interstates – much of West Midtown retains its loft-style industrial identity, as most of the new developments in the area have restored the once-neglected factories and warehouses that date back to the 1880s. Adventurers into West Midtown immediately notice that the Westside Provisions District, a trendy district that combines artisanal tastes with an industrial minimalism, anchors the neighborhood. After parking in the ample (and complimentary) parking deck at Howell Mill and 14th Street, everywhere you look has the aura of clean and well-designed city planning. The keyword in this area is “artisan.” You’ll find furniture, swimwear, paper goods, breads & cheeses, ice cream and even burgers. Expert craftsmanship rules in West Midtown, so retailers and restaurateurs always bring their A-game. There’s already stiff competition in the area, including Atlanta’s two top Zagat-rated restaurants. West Midtown is also home to four arts centers: the Goat Farm Arts Center, Westside Cultural Arts Center, Atlanta Contemporary Art Center and King Plow Arts Center. Each has its own angle on the art world, so be sure to explore them – especially during the art walk that takes place every third Saturday of the month. SOURCE: https://www.atlanta.net/explore/neighborhoods/midtown/west-midtown/ WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 15 of 22 UPCOMING DEVELOPMENTS MIXED-USE DEVELOPMENT Jamestown’s development joins the largest project underway in the Upper Westside, The Works, an 80-acre redevelopment from Selig Enterprises near the Midtown Atlanta Topgolf location. Selig’s master plan for the multiphase development calls for 350,000 square feet of retail and entertainment space, 500,000 square feet of office, 500 residences and 200 hotel rooms. Both Jamestown and Selig are betting that developing an entire section of town will create a central destination in Atlanta. The stakes are high: the project has $2.5 billion in development under way, in addition to another $1 billion expected to start within a year, resulting in the $3.5 billion price tag. BUILDING A NEIGHBORHOOD SELIG ENTERPRISES MIXED-USE PROJECT Selig has landed several retail tenants for the 27-acre first phase of The Works, including a 16,000-square-foot food hall from the same group that created Gansevoort Market next to Chelsea Market and Scofflaw Brewing Co. of Atlanta, which will open the new brewery and tap room at The Works. Selig expects Scofflaw to open in early 2020 and the food hall to follow shortly after. The two former warehouses Jamestown recently bought in the Upper Westside are about a half mile away from the developer’s Ponce City Market, a former 2 million- square-foot Sears warehouse that is now home to a food hall like the one at Chelsea Market, as well as apartments and a hotel. Given the close locations, Jamestown could create a sizable land assemblage by acquiring adjacent sites. Jamestown declined to comment on the plans for the properties but said in an email that it would “have more to share in the coming weeks.” CRESCENT COMMMUNITIES - NEW 345-UNIT APARTMENT COMMUNITY SOURCE: http://bit.ly/2AIKOQE http://bit.ly/2oQps1d WEST MIDTOWN CORNER REDEVELOPMENT SITE Page 16 of 22 DEMOGRAPHICS & TRAFFIC COUNTS DEMOGRAPHICS (2019 ESRI) 1 MILE 3 MILES 5 MILES POPULATION 11,726 129,006 332,569 HOUSEHOLDS 6,233 60,947 159,020 AVG.