Transactions - DECEMBER 19, 2019

FCP, Third & Urban to redevelop warehouse into mixed-use space

by Andrea Zander

Third & Urban and FCP have acquired 15.2 acres on West Marietta Street near some of Atlanta’s first adaptive reuse projects, King Plow Arts Center and Puritan Mill, which were developed more than 20 years ago.

“We have been tracking this property for a long time,” said Chris Faussemagne, partner, Third & Urban. “We are incredibly excited to have the opportunity to activate the site. The project will target companies looking for large-floorplate creative adaptive reuse office space in West Midtown while focusing on creating a retail destination.”

The joint-venture partnership will develop a 275,000-square-foot mixed-use project at 950 West Marietta Street that will primarily focus on a 1940s warehouse on the site. With new construction elements creating a multi-level mix of new and old construction, the project will interweave a contemporary aesthetic and functionality with the large open spaces while providing skyline views of the city.

“We are excited to partner with Third & Urban on another transformative adaptive reuse office and retail development in West Midtown,” said Liz Kotele, FCP vice president and commercial Southeast market leader. “This property provides a tremendous opportunity to deliver a unique and exciting mixed-use destination for employers and the community that sits directly on the future Beltline.

Critically for the city of Atlanta, an agreement has been reached to allow the Atlanta Beltline to run along the western side of the property. This is key in connecting the Beltline to the West Midtown submarket and the northwest corridor.

The agreement and alignment will begin to solve one of the main challenges facing the most comprehensive revitalization effort ever undertaken in the city of Atlanta, which is bringing it through privately-held industrial properties on the upper west side.

The Atlanta Paper Co., which was originally Elsas May and Co., built the warehouse at 950 West Marietta in the 1940s. It was once used to create packaging for The Coca Cola Co. It was formerly owned and operated by WestRock, an Atlanta-based corrugated packaging company.

The project is directly across from the King Plow Arts Center, adjacent to Puritan Mill and within walking distance of the core West Midtown submarket that has seen an explosion of new construction and densification over the past several years.

It is also in close proximity to Westside Park at Bellwood Quarry, which will be Atlanta’s largest green space when it opens in spring 2020.


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