Atlanta — A European real estate firm has purchased more than 50 buildings in a long-troubled section of downtown Atlanta.
They have purchased five properties this month alone.
the company said Channel 2 Consumer Researcher Justin Gray It plans to bring about dramatic changes in an area known for empty parking lots and empty buildings.
Newport Real Estate has purchased the bulk of a property that has struggled for years on a 10-block lot in downtown Atlanta South.
“We own 53 buildings and about six acres of surface parking,” Newport Real Estate’s April Stammel said of the property.
The first phase of Newport’s vision is almost a reality. They call it Hotel Row.
“Basically Hotel Row is complete from our point of view,” says Stammel.
This area used to consist of a series of small hotels by the train station in the old town. Now next to them is the Mercedes-Benz Stadium.
Newport has a string of small businesses lined up, including pizzerias and coffee shops preparing to move.
A full-block building across the street has been renovated for office space and retail. Permits for the next section are in progress – his two apartment complexes totaling over 600 units.
“Every six to 12 months[we]enter the pre-development phase of another substantial block,” Stammel said.
Newport wants to transform long-neglected empty buildings and above-ground parking lots into living, working and playing districts.
“You just want to bring life here?” Gray asked Stummel.
“That’s all we want to do, life,” said Stammel.
Newport told Gray that it plans to preserve as much of the historic building as possible and use the parking lot for new construction.
There are basically two huge development projects by other companies on the border of this region. Gulch on one side and Underground Atlanta on the other.
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