One of the most visible surface lots in downtown's tourism district has a new owner from out of town. Parkway Corporation, a Philadelphia real estate investor and parking operator founded more than a century ago, has closed on the 113-space lot at 289 Marietta Street NW. The price was not disclosed. It is the company's first purchase in Atlanta.
The site covers nearly 51,000 square feet and takes up a full corner of its block, directly across the street from the College Football Hall of Fame and the Hilton Garden Inn. The Georgia Aquarium, Centennial Olympic Park and State Farm Arena are all a few minutes away on foot.
Parking now, a building later
For the near term, nothing changes for drivers. Parkway has hired The Car Park to operate the lot. But the company is not shy about its longer view: its marketing materials describe the corner as available for development now, and executives point to the pull of nearby attractions as the reason.
President and CEO Rob Zuritsky called the location irreplaceable and said the neighborhood's direction makes it one of the best-positioned urban sites in the Southeast, with clear upside for vertical construction eventually. Managing director Dave Dobkin, who leads acquisitions, said the lot produces strong cash flow today in one of the country's busiest sports and tourism districts.
Dobkin tied the timing to two forces. The World Cup put a global spotlight on these blocks this summer, and Centennial Yards continues to fill in the former Gulch a short walk south, replacing acres of surface parking with towers, hotels and entertainment venues. He described the combination as a rare overlap of near-term demand and long-term development potential.
Why it matters downtown
Surface lots are one of downtown Atlanta's most persistent gaps. They serve event crowds well on game nights and convention days, then sit quiet the rest of the time, breaking up blocks that could otherwise hold homes, shops or offices. A corner this close to the Hall of Fame, the aquarium and the park is exactly the kind of parcel planners have long hoped to see built up.
Parkway's move does not come with a timeline or a design, so for now the lot remains a lot. But a buyer that openly markets development potential, with holdings in 11 states including Charlotte, Raleigh, Orlando, Denver, Fort Worth and Kansas City, signals continued investor appetite for the stretch of Marietta Street between Centennial Olympic Park and the stadiums. The purchase also lands as the city tightens rules on how lots display their rates and fees.
Original reporting by Josh Green for Urbanize Atlanta.
