The Allen Morris Company has acquired a 15.5-acre parcel, at 1060 Donald Lee Hollowell Parkway, on the Westside along the Atlanta BeltLine, the commercial real estate firm Thursday announced. A spokesperson for the firm told What Now Atlanta the Allen Morris Company is planning “a mixed-use, live, work, play concept” for the site.
Trez Capital, a private real estate lender helping to build better communities across North America, provided the financing for the acquisition while Patterson Real Estate Advisory Group, a capital placement and real estate finance advisory firm, provided brokerage services.
The Allen Morris Company will be the lead developer on the land they are acquiring from Tenth Street Ventures, which will stay involved as a partner.
“We are believers in the long-term growth story of the Westside,” Spencer Morris, president of the Allen Morris Company, said in a press release. “We look forward to collaborating with the Atlanta Beltline Inc. and surrounding neighborhood groups to design a mixed-use project that serves the community, and creatively activates the upcoming fourth phase of the Westside Beltline Trail.”
“I was looking for the right development partner to create a major mixed-use community that’s design oriented and centered around the Westside community,” Brian McCarthy, CEO of Tenth Street Ventures, said. “I’m glad to remain a partner on this property, as I’ve had a strong vision for it. It’s an incredible opportunity to reimagine this landscape that is right along the BeltLine and find the best use for the community.”
The area is flush with plans for new development including Microsoft’s planned campus at Quarry Yards that will bring 15,000 jobs to the area.
“We are excited to watch the Allen Morris Company build another transformative project in the Atlanta market,” Lance Patterson, CEO of Patterson Real Estate Advisory Group, said. “The team was great to work with and was willing to get creative to get the acquisition across the finish line.”
The Allen Morris Company’s developments focus on creating walkable urban centers with highly differentiated architecture and thoughtfully curated experiences, according to the release.
“This project will ultimately help the local community grow by bringing new investment to the area,” Caperton Putt, Trez Capital managing director — Atlanta, said. “The developer will take land that was largely industrial for decades and convert it into a neighborhood destination with broad service offerings.” Trez Capital’s Managing Director-Atlanta, Caperton Putt, originated the loan on behalf of 1060 DLH, LLC.
The acquisition furthers the Allen Morris Company’s presence in Atlanta, complementing the existing $500 million Star Metals District and Bryn House in North Druid Hills. The multi-faceted firm has projects throughout the Sunbelt, including Atlanta, Charlotte, Central and South Florida.