An Old Fourth Ward development site has hit the market within walking distance of several drivers of investment in what’s recently been called one of America’s “hottest neighborhoods.”
Bull Realty listed the roughly 1-acre parcel on Tuesday for $7 million, calling the 536 North Avenue address an “A+ location.” It's up the street from Ponce City Market and the BeltLine’s Eastside Trail, with Piedmont Park a mile to the north.
The three-parcel site, currently home to Pinnacle Credit Union, is sandwiched between a parking garage and single-family homes on Kennesaw Avenue. Across the street, Crescent Communities’ Novel O4W replaced a fire-damaged apartment complex a couple of years ago.
The site has almost 350 feet of frontage on North Avenue. According to Bull Realty, it’s been approved for both residential and commercial uses.
Existing plans offered as an example show the site being built out with four townhomes and 116 multifamily units, each of them either rentable or sellable.
The townhomes would span nearly 2,900 square feet each, and the apartments or condos would range from 57 one-bedrooms averaging 860 square feet to nine large, three-bedroom flats with more than 2,400 square feet.
The property is zoned MRC-3. Per city ordinances, that allows for “high-density commercial and residential uses along major corridors intended to serve larger areas of the city, and provide larger commercial uses with a significant employment concentration.”
Property records indicate the bulk of the property last sold for $250,000, back in 1980. We’ll go out on a limb and guess it served as a restaurant at some point, though we have yet to find supportive evidence of that.
The Walk Score, as sellers note, qualifies as a “walker’s paradise” at 90; given the location about 1,000 feet from PCM and Historic Fourth Ward Park, that’s not surprising.
Head to the gallery for a more detailed look at what a $7-million acre in O4W looks like these days.
• Images: Are Chick-fil-A's plans for Old Fourth Ward really so terrible? (Urbanize Atlanta)