Plaza Theater, Majestic Diner property sold (Atlanta, Washington: real estate, apartments, neighborhoods)

[red92s]

Can't wait to see how many more market rate apartments will fit here! /s

http://www.bizjournals.com/atlanta/n...tic-diner.html

[JPD]

$18 million? The new owner is not going to be satisfied with the receipts from Plaza or Majestic. I guess I'd better go see a farewell movie sometime soon.

[JMatl]

Oh, no! I wonder if these buildings are Landmarked?

[arjay57]

Let's hope they put up something nice and not just more bland stick built apartments.

[atler8]

Originally Posted by arjay57

Let's hope they put up something nice and not just more bland stick built apartments.

You surprise me, arjay57.
Are you that ready & willing to just go with the flow & accept the possibility that these iconic Ponce Corridor businesses & buildings could be permanently lost?
I mean, come on now.. Think about the various factors that give Ponce De Leon it's colorful appeal as a vibrant & even funky urban corridor & how that particular commercial plaza plays a major role in providing such character to Atlanta. And also consider what we have already lost. If you remove everything that's old & remake the street in an antiseptic & homogenized manner, then what's the point of even living in the central core of the city itself?
As I survey the scene out of our windows here @ 15th & Peachtree, the blend of old and new in an urban context of various purposes & designs lends appeal to the street.
The same can be applied to the situation on Ponce De Leon. After all, in Atlanta there's already a surfeit of newly-built "bland stick built apartments" as you put it.

[ronricks]

The Majestic parcel also includes the other parcels behind it. There is some sort of gym and a few other retail parcels.

[arjay57]

Originally Posted by atler8

You surprise me, arjay57.
Are you that ready & willing to just go with the flow & accept the possibility that these iconic Ponce Corridor businesses & buildings could be permanently lost?
I mean, come on now.. Think about the various factors that give Ponce De Leon it's colorful appeal as a vibrant & even funky urban corridor & how that particular commercial plaza plays a major role in providing such character to Atlanta. And also consider what we have already lost. If you remove everything that's old & remake the street in an antiseptic & homogenized manner, then what's the point of even living in the central core of the city itself?
As I survey the scene out of our windows here @ 15th & Peachtree, the blend of old and new in an urban context of various purposes & designs lends appeal to the street.
The same can be applied to the situation on Ponce De Leon. After all, in Atlanta there's already a surfeit of newly-built "bland stick built apartments" as you put it.

Oh, I'd prefer to see the shopping center saved if possible. It was one of Atlanta's first strip centers. When our first was a tiny bambino, I made many a late night trip to Plaza Pharmacy to pick up medications. I've seen movies at the theatre and had many a meal at the Majestic.

Hopefully the NPU over there will help them shape any new developments in a positive fashion.

[lorilove]

I was just looking at that property this weekend thinking what fun it would be if I was rich and could afford to properly renovate that property!

[fourthwarden]

I couldn't read through the rest of the article behind the paywall. Is it a sure thing for demolition, or is it possible to simply renovate the spaces? Plaza could certainly use some work, and adding another story on top of all that area wouldn't be a bad thing, and would allow for continued use of the existing spaces.

I would really rather not loose the Plaza nor Majestic, so if there's a way to incorporate them into an up-density build, then that'd be pretty awesome.

[magnetar]

Originally Posted by fourthwarden

I couldn't read through the rest of the article behind the paywall. Is it a sure thing for demolition, or is it possible to simply renovate the spaces? Plaza could certainly use some work, and adding another story on top of all that area wouldn't be a bad thing, and would allow for continued use of the existing spaces.

The article says this:

Asana Partners’ Sam Judd said the firm has no plans to tear down and redevelop any of the buildings it acquired. It would look to add value to the center through retaining the existing buildings.

In January, Asana announced it raised a $500 million fund to target retail investment in high-growth urban and infill neighborhoods across the country, including cities such as Washington D.C., Charlotte, Austin and Atlanta.

Not that facts have ever stopped City-Data commenters from lighting their hair on fire about a real estate story.