December 23, 2019
Atlanta-based developer Third & Urban and Maryland private equity firm FCP have acquired 15 acres of the former Atlanta Paper Co. plant at 950 West Marietta for approximately $2 million. The firms plan to develop a 275,000-square-foot adaptive reuse mixed-use project at the site.
The project, which is being helmed by architect Perkins & Will, is slated to feature spaces with high ceilings, masonry walls and natural light. The work will also increase the height of the buildings to four stories, which will yield skyline views of Atlanta. The project’s location is also nearby the Atlanta Beltline’s planned future Upper West Side path.
The warehouse was built in the 1940s by The Atlanta Paper Co. and was at one time used to manufacture packaging for The Coca Cola Co. The property is across the street from the King Plow Arts Center, a project that helped kick off the adaptive reuse trend in Atlanta in the late 1990s.
As part of the transaction, Kansas-based QTS Realty Inc. will maintain a long-term ground lease at the property.
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