The Atlanta investors who have taken over the effort of revitalizing South Downtown have big shoes to fill, so it’s fitting they’ve acquired the longtime home of one of the city’s most famous shoe stores.
The serial entrepreneurs behind Atlanta Ventures, Jon Birdsong and David Cummings, paid $7.5 million on July 22 to buy the historic brick building at 209 Mitchell St., according to Fulton County property records. Since 1929, the building has been home to Friedman’s Shoes, a family business renowned for eclectic footwear and large sizes favored by professional athletes.
Friedman’s Shoes is expected to remain in its current location for now, but could move to another historic building on Mitchell Street in early 2026.
The 37,000-square-foot building Friedman’s currently occupies joins more than 50 century-old buildings and several acres of downtown parking lots that Birdsong and Cummings acquired at the end of last year. The portfolio spreads across 10 blocks just south of the Five Points MARTA station, and it’s part of a massive initiative to revitalize the area as an entrepreneurial hub while preserving the area’s historic character.
Birdsong told The Atlanta Journal-Constitution the Friedman’s transaction is a “passing the torch” moment.
“The fact that they’re entrusting us with this landmark building is pretty special,” he said. “Friedman’s story is the story of Atlanta and the story of South Downtown. It’s entrepreneurship in the heart of the city.”
Before the widespread availability of cars prompted Atlanta’s sprawl, South Downtown was the city’s commerce epicenter with hotels and offices for banks and department stores. Much of that business left over the last half-century, leaving the remaining shops to struggle to find customers.
Seeking foot traffic
Lane Teilhaber, whose family has run Friedman’s since before the Great Depression, said the stalwart store’s loyal clientele of NBA athletes and sneakerheads helped them persevere. But he said the area needs more foot traffic.
“We’d love to see this area get rejuvenated because it’s got so much potential,” he said. “We were in the area when it was booming, and we’ve watching it slide down into nothing. So it’ll be nice to see people on the street again.”
Credit: arvin.temkar@ajc.com
Credit: arvin.temkar@ajc.com
Friedman’s is expected to remain in its current location for another year and a half before relocating to 140 Mitchell St., another historic building within South Downtown’s portfolio. The 209 Mitchell St. transaction was first reported by the Atlanta Business Chronicle.
Credit: arvin.temkar@ajc.com
Credit: arvin.temkar@ajc.com
Birdsong said his team is still evaluating the next use of the building, which also currently houses Atlanta Cleaners, a laundromat that’s been there about 20 years. He said they’re soon meeting with the owners of the laundromat to learn more about their needs.
Friedman’s, which is currently run by four Teilhaber brothers, will stay open until it eclipses the century mark in 2029, but it might be time to hang up the cleats after that, Lane Teilhaber said.
“It’s a good way to end the legacy that will definitely be 100 years at that point,” he said. “It’ll be time.”
‘No dog days’
Last year, the South Downtown portfolio was at risk of foreclosure after an ambitious, albeit ill-fated, effort by German developer Newport to rehabilitate and redevelop the area. Atlanta Ventures, which is behind the Atlanta Tech Village in Buckhead, used equity to buy the properties — unlike Newport, which tapped into the debt markets. Atlanta Ventures has not disclosed what it paid for the full portfolio.
Since taking over, they’ve already opened up Atlanta Tech Village Mason’s at 170 Mitchell St., which used to house Newport’s offices. The Atlanta Ventures team also broke ground in July on renovations to the 115-year-old Sylvan hotel, aiming to convert it into a larger incubator more akin to the Buckhead location. Birdsong said they’re on target to open that location by January.
“There are no dog days of summer in South Downtown,” he said.
Credit: Hyosub Shin/AJC
Credit: Hyosub Shin/AJC
Despite its recent turmoil, South Downtown is trying to leverage a sense of growing momentum throughout Atlanta’s core.
The area’s MARTA stations are slated for renovations. A city-backed conversion of the 40-plus-story 2 Peachtree Street office building into apartments is moving forward and several efforts are underway to get more people to live downtown.
The biggest downtown project of them all — Centennial Yards, the $5 billion redevelopment of the sea of parking lots and rail lines known as the Gulch — broke ground on an entertainment district earlier in July and aims to have it activated in time for the 2026 World Cup, which includes Atlanta as a host city.
Future of Downtown
This story is part of an occasional series by the AJC to look 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. Downtown will also soon garner international attention when the World Cup comes to Atlanta in 2026, providing a deadline for the city and downtown stakeholders to make promised improvements.
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