The Darlington, a 1950s-era brick apartment tower known for its population counter near Piedmont Hospital in tony Buckhead, is being marketed for sale as a potential megawatt redevelopment opportunity.
Real estate services giant JLL is marketing the tower and nearly 7.5 acres of land along Peachtree Road, according to a marketing packet reviewed by The Atlanta Journal-Constitution. The packet presents the property as offering plenty of potential for investors.
Among the many options: rehab the building to seek higher rents and subdivide the land for redevelopment; or potentially raze the structure for future redevelopment of the entire site.
A potential buyer might already be in the works, one person familiar with the situation said.
A JLL representative declined to comment about the matter.
The apartment community is across the street from two major Atlanta medical centers: Piedmont Hospital and the Shepherd Center. It also sits between the core of the hot Buckhead and Midtown office markets.
The heavily-traveled thoroughfare has seen a new wave of medical office development along with residential and retail projects in the Buckhead Village area.
The sales packet states that the property is zoned for medical office or other commercial uses fronting Peachtree Road, and the back portion of the property is entitled for 180 to 275 additional apartments.