222 Mitchell Street deal advances downtown rebirth

April 19,2018

Source: Douglas Sams, Atlanta Business Chronicle

South downtown’s 222 Mitchell Street, a collection of tank-like buildings that have sat vacant for years, could be remade into new housing, retail space and office space, and possibly a hotel.

German real estate company Newport US RE confirmed to Atlanta Business Chronicle it just acquired the more than 380,000-square-foot property for about $12 million. Newport had the former data processing and executive offices for NationsBank, the forerunner of Bank of America, under contract for months.

The buildings that make up the roughly 2-acre site, just east of the planned redevelopment of “The Gulch,” form a major piece of Newport’s sweeping redevelopment of south downtown. 

It’s the largest south downtown acquisition yet for Newport, which plans to invest $500 million in coming years in a historic part of the city between Atlanta City Hall, Mercedes-Benz Stadium two MARTA stations, Garnett and Five Points. 

Asked how much it would pour into 222 Mitchell Street’s renovations, Newport development executives could not say for certain yet, but expected to spend “multiples of the acquisition price.”

“It’s a tank,” said Newport President Jake Nawrocki, who said it reminded him of the old, ultra-functional meatpacking, processing and distribution buildings in the Chelsea neighborhood of New York City where Jamestown has invested so heavily.

Read the complete article at the link above.