Source: Douglas Sams and Amy Wenk, Atlanta Business Chronicle
More details are emerging about the redevelopment of downtown’s Norfolk Southern buildings, including the developer’s desire to reopen the Nelson Street bridge that links the project to the Castleberry Hill neighborhood.
Los Angeles-based real estate developer CIM Group is leading the redevelopment of the long-vacant properties by converting them into nearly 250 residential units, Atlanta Business Chronicle reported Feb. 20.
The project would touch two of the four buildings CIM acquired last year, the white structures at 99 and 125 Ted Turner Drive. The eight-story buildings are historically protected and connect by a sky bridge. Together, they total about 275,000 square feet.
In addition to 246 loft-style apartments, CIM will add 50,000 square feet of commercial space, says a letter from Wilson Brock & Irby LLC, the attorney representing CIM.
CIM plans to obtain financing from the tax allocation district (TAD) for the project. It would use the financing “to advance the city’s affordable housing goals,” says the letter.
The rehab would maintain “the character and details” of the current buildings. That includes keeping the ornate copper canopies at its entrances. New windows would be installed on the façade and the loading platforms along Ted Turner would be enhanced.
CIM also plans to encourage more walking and biking in the area, which lies on the edge of The Gulch, a historic piece of Atlanta where 19th century railroads formed a vital transportation hub for the Southeast.
Read the complete article at the link above.