Inman Park Bank of America REO Site Closes

Minerva Properties recently purchased a Bank of America REO site in Inman Park, an upscale turn of the last century neighborhood within the City of Atlanta. The site is located at 768 Highland Avenue. It contains 4.86 acres and zoned PD-H but limited to 28 single family detached units. Parker Chandler Homes originally purchased and zoned the site. There is, and was at the time of rezoning, a precedent in the area for a much higher density but the Inman Park neighborhood association fought hard and won the site plan specific zoning that was approved. The original principal amount of the Security Deed was $4,851,235.00 and the property was foreclosed for the amount of $3,800,000.00. The site had been on the market for over a year with an asking price of $3 million. The sales price was $1.425 million.

A Minerva representative, with whom I spoke, said they are going to attempt to rezone the site for townhomes. It will be interesting to see if Inman Park and the City allow that to happen. The permitted F.A.R. is up to 0.696. Therefore, if the site plan limitation in the zoning was removed the site would allow for approximately 150,000 square feet of developable floor area. There is a significant precedence in the area for more dense midrise apartment and condominium development.

The site is along the proposed Beltline and along a section of Highland Avenue with many great shops and restaurants.