Developers recently purchased two 20th Street properties in Five Points South and are working on long-term plans for the site.
According to public records, 1024 1030 20th Street South LLC purchased the properties at 1024 and 1030 20th Street South in July from Southside Partners LLC for $1.15 million.
The properties include a vacant space, as well as the spaces that house Cloud Nine Southside Tattoo & Body Piercing Studio and Noni’s.
Len Shannon and Ali Wilburn of Shannon Waltchack represented the seller, while Graham & Co.’s Sam Carroll represented the buyer.
Hunter Renfroe, the registered agent for the buying entity, said he and his partner in Orchestra Partners are still working on long-term plans for the site.
The properties total approximately 10,000 square feet and are located near the Homewood Suites hotel expected to open later this year.
The deal comes at a time when Five Points South has multiple big projects in the works, as well as some notable vacancies.
In addition to the Homewood Suites hotel, Harbert Realty and Cortland Partners are teaming on the Vesta – a massive apartment complex expected to break ground this fall.
The end result of those two projects will be a surge of new visitors and residents in the immediate area, which could further solidify the retail and restaurant mix in Five Points South.
The area has seen a number of prominent brands – such as Firehouse Subs, Chick-fil-A and Waffle House – enter the mix in recent years.
But longtime tenants like Cosmo’s Pizza, Bailey Brothers Music Co. and McNolia’s Cards & Gifts have closed or are in the process of closing, leaving some prominent new vacancies.
[Read article on bbj.com]