Another large piece of property could join the wave of potentially transformative development projects slated for downtown Atlanta.
A former 10.1-acre distribution center for Gourmet Foods International along Ted Turner Drive and Whitehall Street was placed on the market by Atlanta-based SSG Realty Partners, which is advertising the property on behalf of its ownership group as a prime mixed-use redevelopment opportunity. A previous attempt to redevelop the site fizzled out last year, and the property’s previous owner took it back in foreclosure.
The seller is now seeking $86 per square foot, or roughly $37.8 million for the swath of land.
The property is a half-mile south of Centennial Yards, the $5 billion redevelopment of the Gulch. It’s also near the historic Castleberry Hill neighborhood and the sprawling South Downtown portfolio of century-old buildings, which is receiving a wave of investment from new owners.
Peyton Stinson, director of SSG’s Residential Land Group, said the site is a rare offering in the fast-changing city center.
“This site offers an unparalleled redevelopment opportunity in one of the most active and rapidly evolving areas of downtown Atlanta,” Stinson said in a news release. “With its proximity to Centennial Yards and the historic Castleberry Hill neighborhood, developers have a unique chance to shape the future of this vibrant, high-growth district.”
The property has been eyed for large-scale development since 2020, when GFI vacated its downtown distribution center and relocated to south DeKalb County.
In 2021, upstart developer Urbantec Development Partners signed agreements to acquire the land for a multi-high-rise life sciences campus called Forge Atlanta. The plan included offices, apartments, retail, a hotel and an entertainment venue, but the land was never developed and went through foreclosure in March 2023.
Credit: Urbantec Development Partners
Credit: Urbantec Development Partners
Urbantec, which is now defunct, bought the site for $26.1 million, most of which was financed with loans from the land’s previous owner, McCall Railroad LLC, an entity created by GFI’s founder.
McCall reacquired the property through foreclosure for $20 million and is the entity looking to sell the property to another developer.
The city center, which has struggled to capture the development momentum of Midtown or corridors along the Beltline, is receiving new attention ahead of 2026′s World Cup, for which Atlanta is a host city. Downtown stakeholders — from Centennial Yards to the Georgia World Congress Center — are evaluating what projects can be delivered before millions of fans flock to Mercedes-Benz Stadium in less than two years.
Future of downtown
This story is part of an occasional series by the AJC that looks at the future of Atlanta’s downtown. Several high-profile developments are poised to bring billions of dollars into the city’s core while it continues to grapple with the fallout of the COVID-19 pandemic and a challenging real estate financing market. Atlanta’s downtown will also garner international attention when soccer’s World Cup comes to town in 2026, providing a deadline for the city and downtown stakeholders to make promised improvements.
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