Former WestRock Warehouse Will Be Adapted Into Large-Format Mixed-Use Space
FCP and Third & Urban have acquired 15.2 acres on West Marietta Street near some of Atlanta’s first adaptive reuse projects, King Plow Arts Center and Puritan Mill, which were developed more than twenty years ago.
The joint-venture partnership will develop a 275,000-square-foot mixed-use project at 950 West Marietta Street that will primarily focus on a 1940s warehouse on the site. With new construction elements creating a multi-level mix of new and old construction, the project will interweave a contemporary aesthetic and functionality with the large open spaces while providing skyline views of the city.
“We have been tracking this property for a long time,” said Chris Faussemagne, Partner, Third & Urban. “We are incredibly excited to have the opportunity to activate the site. The project will target companies looking for large floorplate creative adaptive reuse office space in West Midtown while focusing on creating a retail destination.”
“We are excited to partner with Third & Urban on another transformative adaptive reuse office and retail development in West Midtown,” said FCP Vice President and commercial Southeast market leader, Liz Koteles. “This property provides a tremendous opportunity to deliver a unique and exciting mixed-use destination for employers and the community that sits directly on the future Beltline.”
Critically for the city of Atlanta, an agreement has been reached to allow the Atlanta Beltline to run along the western side of the property. This is key in connecting the Beltline to the West Midtown submarket and the northwest corridor.
The agreement and alignment will begin to solve one of the main challenges facing the most comprehensive revitalization effort ever undertaken in the city of Atlanta, which is bringing it through privately-held industrial properties on the upper west side.
The Atlanta Paper Co., which was originally Elsas May and Co., built the warehouse at 950 West Marietta in the 1940s. It was once used to create packaging for The Coca Cola Co. It was formerly owned and operated by WestRock, the Atlanta-based corrugated packaging company.
The project is directly across from the King Plow Arts Center, adjacent to Puritan Mill and within walking distance of the core West Midtown submarket that has seen an explosion of new construction and densification over the past several years.
It is also in close proximity to Westside Park at Bellwood Quarry, which will be Atlanta’s largest green space when it opens in spring 2020.
Third & Urban and FCP have retained Perkins + Will as the architect. Construction is expected to begin the third quarter of 2020, with an anticipated occupancy in the third quarter of 2021.
About Third & Urban
Third & Urban are Developers Building Community—modern, culture-rich adaptive reuse and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and that creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, engaging in a deliberate value creation process to produce truly unique destinations and best-in-class results for office, retail and residential spaces. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. With more than 1,200,000 square feet across the Southeast, Third & Urban has developed more than $300,000,000 in institutional grade urban projects. For more information, please visit www.thirdandurban.com
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.