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Property Description
- Bids are due by 12:00pm April 16th, 2021. Bid Guidelines have been added to the Virtual Deal Room.
- Spring & 18th offers the ability to acquire fee-simple interest in 1405 Spring St NW, Atlanta, GA 30309, a +/- .52341 acre (22,800 SF) corner high-rise development site located in Midtown, Atlanta, GA. Spring & 18th is zoned SPI-16 SA1 with a maximum FAR of 10.2x.
- The Property is well located at the corner of Spring Street and 18th Street, key access corridors into the North Midtown precinct. It is bordered to the north by the Savannah College of Art and Design's (SCAD) expanding Atlanta Campus, Greystar's new Ascent Midtown apartment building and Canopy hotel by Hilton to the east, Midtown Union, a major mixed-use development project anchored by Invesco currently under-construction to the south, and a new commercial office development anchored by Microsoft to the west. There is over $2 billion worth of development in the immediate area.
- Spring & 18th is improved with a 16,341 SF, single-story building currently leased by John Marshall Law School who will be departing on May 31st, 2021. The building is in lease-ready condition, and can be leased as an alternative strategy to immediate development.
Investment Highlights
- High-density development opportunity in Atlanta's most active submarket for employment growth and new development
- Unobstructed view to the West towards Atlantic Station and West Midtown; South towards Midtown & Downtown; and North towards Buckhead
- Two street frontages totaling over 300 feet
- Offered with vacant possession for immediate development, or can be leased as a high income-producing investment property with average office rents in North Midtown at $25+/SF NNN
- Prime location in the North Midtown education and tech hub, surrounded by numerous hospitality, office, cultural and entertainment sites
- Neighboring SCAD and in close proximity to new and under-construction commercial office towers in the immediate area anchored by Facebook, Microsoft, Google and Invesco
- Superior vehicular accessibility using midtown's street grid and access to I-75/I-85
- Transit-served location (3 minute walk to MARTA Arts Center Station) with a Very Walkable score of 78 and Very Bikeable score of 81. Amenities such as the Woodruff Arts Center, High Museum, Whole Foods and Atlantic Station are all within a 7 minute walk
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