In the market for a castle? There’s one in Midtown Atlanta that could be yours.
The property at 87 15th Street, commonly called Midtown's 'Castle,' is up for sale, a couple months after its owners filed for Chapter 11 bankruptcy, the Atlanta Business Chronicle reports.
MLAC Castle Atlanta LLC, which owns the 12,500-square-foot historic property, filed for bankruptcy in court in November, while trying to reorganize its debts, the newspaper reports.
MLAC acquired the property for $10 million in 2013, according to previous reporting. The current owner claims in the bankruptcy documents that the property is worth $5,750,000 and is carrying $4,561,569 in debt, the Business Chronicle reports.
Now, Jones Lang LaSalle (JLL) commercial real estate firm is marketing the property's sale.
According to the listing, the Castle, also known as Fort Peace, was designed and built in 1909-190 by Ferdinand McMillan.
It was added to the Georgia Register of Historic Places in 2009 and National Register of Historic Places in 2013.
“Current ownership has renovated the Property and replaced all major building systems since acquiring the Property in 2013, including a new roof and all new plumbing, electrical, sprinklers, alarm and HVAC,” the listing reads.
The listing promotes it as a potential space for single-tenant offices, a restaurant or an event space. Most recently, the property has been home to the restaurant Rose & Rye.
The listing also notes that the property has close access to the Arts Center MARTA station. The Castle is across the street from the High Museum of Art and the Atlanta Symphony Orchestra.
Now located between Midtown skyscrapers, it was once a staple in Atlanta’s arts scene.
But the Castle has struggled recently to maintain ownership.
In 2010, it was on the market for $2.2 million, which was less than half of the price it was on the market for three years earlier. New York architect Bryan Latham purchased the property for $950,000 in 2010 and put millions of dollars of renovations into the property before its 2013 sale, according to the Business Chronicle.
The Castle faced potential demolition in the mid-1980s, a time when former Atlanta Mayor Andrew Young called the structure "a hunk of junk."
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