UPDATED: Developer Closes on Lizzie Chapel Property
Property will be converted into condos and single-family home.
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INMAN PARK — A developer looking to redevelop the Lizzie Chapel Baptist Church property has closed on the deal, the C Group, a commercial real estate arm of KW Commercial Atlanta Midtown, said.
Terms of the deal for the historic property at 850 Euclid Ave. were not disclosed.
The church is slated to be developed into a single-family home by the buyer, Larry B. Culbertson, managing broker of the C Group, told East Atlanta Patch in a statement.
Culbertson represented the seller, LBK Investments LLC. A confidentiality agreement barred him from disclosing the buyer.
Some 18,000 square feet of the property is zoned for a small conodominium development, he said.
This deal replaces one reached last year with a different developer.
That deal fell through, Culbertson said. Those original plans called for 10, three-story townhomes starting at $300,000.
The Lizzie Chapel is the final parcel to be sold off from what was originally a 1-acre site.
Kirkwood-based Thrive Homes plans to develop the two adjoining lots at 840 and 846 Euclid into single-family houses.
Eric Scott Sembrat
12:12 pm on Tuesday, February 5, 2013
Very cool - I had assumed when the signage was removed from the property that the plan had fallen through. Sounds great.
Larry Culbertson, CRE Broker
10:31 am on Sunday, February 10, 2013
To clarify, the new owner is not the same developer who had the property under contract last year with plans to develop the condos. He terminated giving the new buyer the opportunity to secure the church and move forward with plans for a single family residence.