Price cuts galore for condos in shadow of Ponce City Market. What gives?

After five years of planning, design tweaks, and construction, The Leon on Ponce condominium building kicked off a sales push in late 2024 for its relatively rare examples of for-sale, stacked homes in the middle of Atlanta. 

Nearly two years later, the 74-unit building is still trying to sell out its new condos, despite the potent locational perk that is quick walkability to Ponce City Market, the Beltline’s most popular trail, and other Old Fourth Ward attractions. 

Which begs the question, in city where urbanists and hopeful homeowners are consistently asking for more buying options that aren’t uber-pricey houses and townhomes: What gives? 

Hmmmm.

The Leon has cut its prices to as low as $349,000 and scheduled a public open house this weekend in hopes of drumming up interest in its remaining condos.  

According to project marketing materials, 23 condos remain available without contracts, with seven of those being two-bedroom options. The others have one bedroom, according to Compass Development Marketing Group. 

Perks of the building include a rooftop club, a concierge, and what’s described as “Atlanta’s Best Views.” 

The least expensive option on the market counts 630 square feet (one bedroom, one bathroom) on the third floor. It’s asking $349,000. (Formerly priced in the $380,000s, per marketing materials.) 

The priciest new condo at The Leon—by a long shot: more than $300,000—is Residence 501. It counts two bedrooms and two and ½ bathrooms in 1,425 square feet (161 square feet of that being outdoors) for $1.22 million. 

Previous sales tactics at The Leon have included: between $30,000 and $55,000 in “grand opening incentives” that could be applied to closing costs and rate buydowns; complimentary storage units in the building; specialty built-in cabinetry in condos; and complimentary, transferable leasing permits. 

Other building amenities include a 2,200-square-foot coworking space with Ark Coffeebar, a dog run for pet owners, and bicycle storage, per marketing materials. 

Atlanta-based Urban Eco Group led the development, with designs by another local company, Place Maker Design. 

The Leon was first marketed in spring 2019 as the replacement for a cleared, .9-acre site that had served as surface parking, situated between Mister Carwash and the boutique Wylie Hotel next door, less than a block west of Ponce City Market. Delays caused by construction material sourcing bumped back the opening timeline in more recent years prior to opening, development officials have said.

Marketing materials suggest Atlantans might “Own It. Lease It. Flex It.” with The Leon condos but warn that “only a handful of leasing permits remain.” 

A public open house is scheduled at the property tomorrow (Sept. 19) from noon to 3 p.m.

Swing up to the gallery for more context and a closer look.

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