Atlanta’s 10-Acre Artisan Yards Site Re-Launched for Development

Atlanta’s 10-Acre Artisan Yards Site Re-Launched for Development

After an ambitious development plan in Downtown Atlanta came to a halt, the owner of the 10-acre site is once again ready to find a new visionary builder. The property, termed as Artisan Yards, sits between Castleberry Hill and Downtown Atlanta along Whitehall Street and was initially envisioned as Forge Atlanta. The site previously housed the headquarters of Gourmet Foods International (GFI) before the company relocated to Decatur.

Russell McCall, the founder of Gourmet Foods International, had sold the land to Jae Kim’s Urbantec Development Partners for $26.1M in 2021. McCall supported Kim with over $25M in loans for this purchase and the initial work on Forge Atlanta. However, Kim defaulted on these loans, leading to McCall repossessing the property through a $20M foreclosure in March 2023.

The property, now actively being marketed by SSG Realty Partners, is looking for another developer with a fresh vision. According to SSG CEO David Branch, the site is returning to the market and is drawing interest from developers even before official listings. McCall is reportedly seeking about $85 per SF for the property.

The original vision for Forge Atlanta included a massive 3.8 million square foot campus featuring 1.7 million square feet dedicated to life sciences and office space, along with 1,500 residential units, retail spaces, a data center, a boutique hotel, a conference center, and a 100,000 square foot film studio. This ambitious plan was presented to Central Atlanta Progress in 2022.

David Branch hinted that the developers currently considering the purchase are also interested in maintaining a life sciences focus for the site. Despite the setback with Kim’s plans, optimism remains high for the development’s potential. Branch emphasized the stark contrast in land prices, noting that prime development sites in Midtown Atlanta can cost as much as $500 per SF.

“The thing that’s most exciting, if you look at prime development sites in Midtown … you’re going to pay $500 a SF,” Branch commented. He added that the site might attract developers from outside Atlanta, given the increasing interest and development activities near Mercedes-Benz Stadium and surrounding areas.

The Artisan Yards site is seen as part of a larger development corridor in the Atlanta area, which includes ongoing projects like Jon Birdsong and David Cummings’ South Downtown redevelopment, Centennial Yards, and the Georgia World Congress Center. These developments collectively mark a significant growth trajectory for the area.

“The market is moving to the area around Mercedes-Benz [Stadium],” Branch observed. He sees a keen interest from developers in cities like LA and Chicago, recognizing the potential of this revitalized corridor.

Jae Kim, who is now a vice president at a commercial real estate services firm and is aiding Gwinnett County in finding a master developer for Gwinnett Place Mall, declined to comment on the new developments at Artisan Yards.

As the Artisan Yards project re-enters the market, hopes remain high for finding a developer who can bring new life to the area, much like the high-profile projects transforming other parts of Downtown Atlanta.