ATLANTA-John Wieland Homes and Neighborhood has acquired a prime Peachtree Street site in Midtown from Woodruff Arts Center where the Atlanta developer and OvertonMurphy Interests LLC plan a mixed-use community of condominiums, retail space and an art gallery.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.