Drapac Capital Partners has hired commercial real estate firm JLL to market its property located at 505 Courtland Street in Atlanta. Branded by JLL as Courtland / Renaissance, the property represents a unique development opportunity in the rapidly redeveloping SoNo (south of North Avenue) neighborhood. JLL’s Scott Cullen and Mark Lindenbaum, who lead the firm’s Land & Development Services platform, will oversee the marketing, developer selection and sales process. The JLL team has brokered other properties in the area including 693 Peachtree Street, now the site of the award-winning lilli Midtown, and 760 Ralph McGill Blvd, a forthcoming project from New City, LLC.
“We’ve had our eye on this part of Atlanta for several years. With development sites in Midtown and Downtown becoming scarcer, SoNo is seeing substantial new growth and interest,” said JLL’s Scott Cullen. Ideally situated between one of the hottest real estate markets in in the southeastern United States in Midtown and a dense Downtown being bolstered by new residential development, SoNo benefits from the convergence of those two neighborhoods. The property is positioned well to capture that growth.
The site totals just over one acre at the corner of Courtland Street and Renaissance Parkway. Located within the Downtown Atlanta zoning district, the property allows for a significantly dense development within the existing zoning ordinance with generous FAR and programmatic flexibility allowing for a mix of potential uses. The site is one block from the expanding Emory University Hospital Midtown and two blocks from the new Emory Proton Therapy Center. Possible uses for the site include dense residential, medical office and hospitality options.
Midtown Atlanta has seen over $5 billion in new investment since 2000. Since January 2017 alone, Midtown has seen the development of 6 million square feet of office space, 9,300 residential units, 1,850 hotel rooms and 600,000 square feet of retail space. Moreover, there has been $2.8 billion of investment in Downtown over the last 5 years with another $6.4 billion worth of projects planned or under construction. SoNo is seeing the benefits of the investments into both of these areas.
“We see this location as extremely strategic, given its walkability to MARTA, Emory University Hospital, and Midtown proper while also a safe bike or scooter ride to the Atlanta BeltLine’s Eastside Trail and downtown,” said JLL’s Mark Lindenbaum. More information is available at www.CourtlandRenaissance.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
