Tuesday, March 5, 2013

More condos coming to City of Decatur?

The Atlanta Business Chronicle announces that Atlanta-headquartered developer Carter has a new mixed-use development planned for City of Decatur.
Carter has about 2.5 acres on West Ponce De Leon Avenue under contract and would develop about 240 apartment units and 10,000 square feet of retail. The project would be anchored by the existing 125,000- square-foot office building known as Decatur Court. It was recently purchased by an affiliate of Weaver and Woodbery and Redstone Investments. The affiliate paid almost $9 million. Read the rest @ Atlanta Business Chronicle.
Per leasing information posted online, Decatur Court is a 10-story building and a significant portion of its space has been unoccupied.

 Decatur Court, at 315 West Ponce de Leon Avenue, appears to the middle of the image. 
Last month, the Atlanta Business Chronicle mentioned that Cousins Properties is interested in investing in downtown Decatur, and discussion is ongoing on the future of the Callaway Building (at North McDonough Street and West Trinity Place). DeKalb County owns the property and would sell it to the City, with Cousins as redevelopment partner.

This is good news for Decatur, and hopefully a sign of an improving real estate development environment that will help the City reach its planning and fiscal goals without having to invoke the dreaded annexation option.