ATLANTA — A European real estate firm has purchased more than 50 properties in a long-troubled neighborhood of downtown Atlanta.
They bought five properties this month alone.
The company said Channel 2 Consumer Investigators Justin Gray that he plans to drastically alter a neighborhood known for its empty parking lots and vacant buildings.
European company Newport Real Estate has purchased a large percentage of the property in what has for years been a struggling 10-block section of south downtown Atlanta.
“We’re in 53 buildings and about six acres of surface parking,” April Stammel of Newport Real Estate said of the properties.
So far, about an entire block of Newport’s vision is almost a reality. They call it Hotel Row.
“So basically Hotel Row, from our perspective, is sold out,” Stammel said.
TRENDING STORIES:
The area was once made up of a series of small hotels near an old train station. Now their neighbor is the Mercedes-Benz Stadium.
Newport has lined up a string of small businesses, including a pizzeria and cafe, preparing to move in.
On the other side of the street, a complete building is being renovated for offices. Next, clearance is pending for the next section – two apartment towers.
“Every 12 months (we go) into pre-development on another substantial block,” Stammel said.
Newport hopes to transform the stretch of vacant buildings and long-neglected surface parking lots into a neighborhood for living, working and playing.
“You just want to bring some life here?” Gray asked Stammel.
“That’s all we want to do – life,” Stammel said.
Newport told Gray they plan to save as many historic structures as possible and use the parking lots for new construction.
At the borders of the area are essentially two other giant development projects from other companies – the Gulch on one side and Underground Atlanta on the other.
IN OTHER NEWS:
:quality(70)/d1hfln2sfez66z.cloudfront.net/01-27-2023/t_016df3ac4e19483ea332bdf2f60a53c6_name_Screenshot_2023_01_27_132407.jpg)
©2023 Cox Media Group