EAST ATLANTA — Paces Properties LLC has closed on the former John B. Gordon Elementary School and will proceed with plans for a $15 million redevelopment project at 1205 Metropolitan Ave.
Sale terms were not disclosed for the 4-acre site, which is to be revedeloped into a three-story structure of 125 to 145 apartments.
Larry B. Culbertson, of the C Group and managing director of KW Commercial Atlanta Midtown, confirmed the sale Friday.
It was not immediately clear when construction is slated to begin.
Paces sought a deal for the property, noting it is the largest tract of undeveloped land in the East Atlanta Village and close to all the shops and bars in the neighborhood's central business district.
The school itself, which Atlanta Public Schools closed years ago, had fallen into a severe state of disrepair and is literally falling apart.
It has a hole in its roof and at least two trees are growing inside the building. But Paces officials had said they plan to salvage bricks from the structure to incorporate into the new construction.
"The neighborhood is very supportive of this project considering the current physical condition of the school," Culbertson, who was the listing broker on the property, said in a statement.
"I expect this to be the flagship development for the Village."
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