Westplan Bets on Undesirable Atlanta Area

Downtown Atlanta

ATLANTA— Westplan Investors is betting big on an asset in an undesirable Atlanta neighborhood. The firm snapped up a former exotic club that sits on 7.4 acres from the estate of John Hunsinger for $11.2 million. Alan Joel and Dan Granot , principals at Joel & Granot Real Estate/CORFAC International , represented the buyer. Westplan will redevelop the commercial real estate asset into a mixed-use project with loft office and showroom space plus a “wrap” multifamily development with ground-floor retail and apartments surrounding a podium-style parking garage. Located at 2050 Cheshire Bridge Road in Atlanta, the corner of Cheshire Bridge and Faulkner Road is in the heart of the Cheshire Bridge corridor. The two warehouses on the land will be demolished as part of the redevelopment. “Cheshire Bridge has been a mostly undesirable area of Atlanta for over 40 years,” Joel tells GlobeSt.com. “The submarket deserves better and we know that Westplan will continue with this corridor’s improvement.  Our firm is very active with other listings in this area and we hope to continue changing this corridor even if it’s one property at a time. Cheshire Bridge should be the shining star of Atlanta.” The existing “Doll House” fronts the land along Chesire Bridge Road. Westplan Investors plans to demolish that facility and build the apartments with retail and parking on that section of the property. Construction of the estimated 15,000 square feet of retail and 180 apartment homes is slated to begin this summer with an expected 18-month build out. Granot Real Estate/CORFAC International retained to market the renovated loft office and showroom space for lease. The Atlanta-based brokerage firm has been active in the Chesire Bridge market for years. For example, firm sold the building next store, at 2070 Chesire Bridge in 2007 for $1 million. JGRE also sold 1769 Chesire Bridge for $365,000, which was a former house converted to a photography studio and the new owner installed an upscale antique store there. Joel and Granot sold an empty 20,000-square-foot commercial building nearby 1924 Piedmont Avenue, for $2.3 million to a medical group.