Orinda Corp & Octagon Capital Partners Acquire Former NationsBank Building Downtown
Orinda Corporation, an Atlanta-based real estate development and project management firm and Octagon Capital Partners, a Charlottesville, Va.-based national real estate investment firm, today announced that they have acquired the former NationsBank/Bank of America Operations Center located at 222 Mitchell Street in downtown Atlanta.
The 350,000 square foot structure was built in stages from 1929 to 1979. It is situated on 2.1 acres and occupies the entire city block bounded by Spring, Forsyth, Mitchell and Nelson Streets. The new owners plan to convert this property into a rental building with 205 loft units and over 70,000 square feet of commercial space, with over 300 parking spaces on-site. Expected occupancy is January 2011.
“The redevelopment of 222 Mitchell Street into rental lofts and retail space will play a significant role in the rebirth of this part of downtown Atlanta,” said Dillon Baynes, president of Orinda Corporation.
“We’re certain that living at 222 Mitchell Street will appeal to young professionals who work downtown, as well as to college students, especially those who already attend one of the many fine institutions in the area, such as Georgia State University, Spelman, Morehouse, Clark Atlanta University and Georgia Tech,” added Baynes. “The building is within walking distance of two Marta stations – Five Points and Garnett Street – as well as CNN Center, the Georgia World Congress Center and Underground Atlanta. We plan to provide a variety of amenities and services that are currently not available to the underserved rental market in the heart of Atlanta.”
About Orinda Corporation
Atlanta-based Orinda Corporation is a project management and development firm based in the Old Fourth Ward at Studioplex, a renovated cotton compress warehouse: www.orindacorp.com
About Octagon Capital Partners
Octagon Capital Partners is a national real estate investment and development firm focused on providing capital and real estate development services in select markets throughout the United States: www.octagonpartners.com