Newport RE continues to grow its vision to revitalize roughly 10 blocks of Atlanta’s historic South Downtown with the recent purchase of four historic buildings and a parking lot along Broad and Mitchell streets.
The new purchases puts Newport in control of 53 buildings and six acres of parking lots, a portfolio that has steadily grown since 2016. The buildings and properties are part or Newports estimated $500 million “South Dwntn” project to create a thriving neighborhood with retail, restaurants, office, hotels and residential spaces.
Newport’s newest purchases are the early 1900s, eight-story office building at 185 Mitchell St. and the neighboring office buildings at 111 Broad St. and 115 Broad St. The company also bought a retail building at 191 Mitchell St. and a small parking lot at 187 Mitchell St.
Newport paid close to $3.9 million for the properties, according to Dave Aynes of Atlanta Leasing & Investment, who represented the seller in the deal. Fulton property records show the seller is attorney Louis Levenson.
Newport did not reveal what it plans for the buildings, but the company focuses on adaptive reuse of existing buildings rather than tearing them down to build new ones.
“Newport is proud to continue acquiring strategic and complementary assets in support of our vision for the South Downtown neighborhood,” said Kevin Murphy, Executive Vice President at Newport RE, in a news release.
“These historic buildings will undoubtedly add to the vibrancy of the area — and we are happy whenever we can work creatively with long-time building owners to unlock value for themselves and their families,” he said.
Newport is in the midst of transforming the eight-story building at 222 Mitchell St., once the executive offices for Nations Bank, into more than 300,000 square feet of office and retail space. Slater Hospitality plans to open a modern diner and a nightlife lounge on the building’s rooftops with dynamic views of the city later this year. Pins Mechanical Company, with duckpin bowling and classic arcade games, expects to open in the building this year as well.
The developer’s renovation of historic Hotel Row, across the street from 222 Mitchell St., into a retail district is nearing completion. Several business are slated to open this year, including Slater Hospitality’s Pizza Clementine and Thirteenth Floor cocktail lounge.
Last year, Newport announced plans to build two apartment towers on Broad Street, adding 650 residential units to Downtown Atlanta. Plans are for construction to begin this year and be completed by 2025.
The developer last year also purchased the historic office building at 175 Trinity Ave. and a one-acre parking lot from the Georgia Municipal Association.