What use would work for Midtown's "Castle" ? (Atlanta: mortgage, house)

[koko339]

For those not familiar with it, the "Castle" is the neat old house next to the Woodruff Arts Center on 15th Street in Midtown. After being vacant for decades, it was on the market for a while, and was recently auctioned for under a million bucks. What do you guys think would be the highest and best use? A bed and breakfast? A restaurant? A personal mansion for an eccentric millionaire?

Midtown's Castle sold at auction *| ajc.com

[George Chong]

I personally would love to see it as a restaurant/special events space. Having said that, I would think that parking and handicap access would be the biggest challenge for the actual locale.

[jsimms3]

Built: 1890
Size: 6,750 SF
Lot size: 0.27 AC
Zoning: C3
2009 assessed value: $1,071,000
Last sold: 11/30/2001 for $1,000,000 by AT&T
Includes a vinyl "pool" and an $800,000 1st mortgage by Decatur 1st Bank
Current owner is The Castle LLC at 990 Hammond Dr Suite #910 (turns out that's the agent's office) and the actual owner is at 977 Ponce de Leon Avenue, which is an address where Jeff Notrica, the current president of Inman Park Properties happens to work.

I am too lazy to go to the clerk of court for Fulton County to see who won the auction and what price they set their bid at. Any takers?

This house is cool and historic (and should not be torn down), but it is stuck in an awkward spot sandwiched between two large office towers that are set up in a more suburban configuration. I offer my thoughts below. I also happen to not favor this house's style of architecture.

Private social order/club like the Order of Moose or Elk's Lodge or something of that sort. I haven't seen the layout or size of the actual space, but perhaps it would work well as event space that can be rented out or maybe a small museum. Atlanta has too many restaurants (we keep adding more and I always feel like I will never be able to hit even 10% of them! ), also seems like it's a little stuffy for a restaurant and people nowadays have more of an appreciation for open spaces. I also think it may be too small for a B&B in that location. B&B's like the option at least to add a wing of rooms and Midtown is a large, corporate market not ideal for B&B's. It's also a little isolated where it is.

Not all museums need a lot of space and Atlanta is severely lacking in museum/gallery space for a city its size. Also, many private social order clubs are losing favor these days, but event space is always in demand. Atlanta has a lot of event space, but not so many are in settings such as this. I can't think of too many events I would want to have there, though.

Bottom line: It's an unfortunate situation. I don't see much equity buildup for the building (can't be torn down, use can't dramatically be changed, can't be added on to, no connection to the surrounding area, isolation, etc). I don't see too much cash flow even from whatever the highest and best use is either. Because of its location it is not cheap, so a large mortgage (s) is necessary to acquire and maximize whatever cash flow it does provide, and it is less than 7,000 SF with only one possible tenant or use.

If I were an investor I personally would not touch this property from a mile away.

[koko339]

I would LOVE for SCAD to do something with it if only because they did such a great job on the Peters Mansion on Ponce. Plus, being next to the Arts Center would create some great synergy. Sadly, I heard they turned it down because the layout of the house wasn't conducive to their needs. Which really doesn't make sense to me, considering the various buildings they've restored and occupy, but whatever...

[FlyiMetro]

Thats a nice looking house, I always notice it when im over there.

[johnatl]

Originally Posted by jsimms3

I am too lazy to go to the clerk of court for Fulton County to see who won the auction and what price they set their bid at. Any takers?

The article states that the buyer was a New York-based investor, and the final price was $951,500.

[DTL3000]

I think a smaller-scale, niche museum may work well there. I'm thinking something along the lines of the Rubin museum, the Morgan Library, or the International Center for Photography. I have no suggestions as to the focus though. I just think it would work. Maybe featuring southern art or some sort of international theme...