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Woodfield Development has acquired a 1.085-acre site from Drapac Capital Partners with the intention of constructing a 284-unit residential high-rise project with 18,000 square feet of amenity space, according to a press release this week from JLL Capital Markets. The empty lot, at 505 Courtland Street in Atlanta’s SoNo (south of North Avenue) neighborhood, went for $7.925 million.
“SoNo is a natural extension of Midtown and is a no-brainer,” Sebastian Drapac of Drapac Capital Partners said in the release. “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 this month. 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,” according to the release.
“It’s an exciting opportunity to contribute to the neighborhood’s character at such a pivotal point and help solidify its identity,” Kassin said. “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.”