Wieland and Woodruff representatives declined to disclose the purchase price. "I haven't even been told myself," Woodruff public relations director Amber Rice tells GlobeSt.com. "I'll know and you will know when the recorded price becomes public information" shortly.

However, Midtown office brokers familiar with the three small buildings on the site totaling 94,000 sf tell GlobeSt.com the structures were probably sold for about $200 per sf or an estimated $18.8 million. Shelton G. Stanfill, Woodruff's president and CEO, says in a prepared statement the price "exceeded the set threshold, no contingencies to the contract and a quick closing."

Stanfill says John Wieland's "assurance that the Woodruff will be involved in the execution of the project was definitely appreciated." Wieland and development partners Jim Overton and John Murphy of locally based OvertonMurphy Interests LLC plan to demolish the three buildings at 1285, 1293 and 1307 Peachtree St. and create an arts center-themed community that will offer for-sale residential condominiums sized from 2,000 sf to 7,000 sf, a 15,000-sf art gallery and an undetermined amount of retail.

Wieland's company was selected after Stanfill, Woodruff chairman Neil Williams and their Atlanta broker, Colliers Spectrum Cauble Inc., conducted an intensive national search for a developer. The Woodruff task force queried more than 150 potential buyers in 40 different cities by mail before a final list of 12 candidates were picked. From that list, four Atlanta developers, including Wieland, made the cut.

The Woodruff Arts Center is the largest arts center in the Southeast and one of the four largest in the US, according to Woodruff officials. The center opened in 1968 and is home to the Alliance Theatre, Atlanta College of Art, Atlanta Symphony Orchestra, High Museum of Art, Young Audiences and the 14th Street Playhouse.

Instant Insights /

Wieland Buys Prime Peachtree Site From Woodruff Arts Center

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