CHICAGO, IL - Drapac Capital Partners, Woodfield Development, and JLL Capital Markets are pleased to announce the $7.925 million sale of 505 Courtland Street in the burgeoning SoNo (south of North Avenue) area of Atlanta. Woodfield purchased the 1.085-acre site from Drapac with the intention of constructing a 284-unit residential high-rise project with 18,000 square feet of amenity space.
Sebastian Drapac of Drapac Capital Partners commented, “SoNo is a natural extension of Midtown and is a no-brainer. It has all the ingredients and its own unique flavor, which is why there is so much development activity and demand from the big boys in this pocket. The organic push into SoNo and Downtown is also due to the serious shortage of sites in Midtown, and we need to remember that Atlanta’s rapid urbanization story is still in its infancy.”
Woodfield’s Patrick Kassin will lead the development of the 505 Courtland project, with a ground-breaking expected in September. Woodfield intends to construct the 16-story building utilizing a Prescient light gauge steel system. The result will be the first tower structure developed in the SoNo area in the last 10 years.
“It’s an exciting opportunity to contribute to the neighborhood’s character at such a pivotal point and help solidify its identity,” Kassin added. “With immediate proximity to parks, entertainment, transportation and jobs the area has the potential to be a top Atlanta neighborhood.”
JLL marketed the site for sale in late 2019, selecting Woodfield after a sealed bid process. The transaction represents an approximately $167 per land square foot value, a record for the SoNo area. “We are extremely pleased with the results of this transaction, and we look forward to Woodfield’s development of 505 Courtland. This should be a shot in the arm for further development in SoNo,” said JLL’s Scott Cullen.
JLL’s Scott Cullen and Mark Lindenbaum served as the lead brokers on behalf of Drapac.
“With development sites in Midtown and Downtown becoming scarcer, SoNo is seeing substantial new growth and interest,” said JLL’s Mark Lindenbaum. 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 and mixed-use development, SoNo benefits from the convergence of those two neighborhoods.