Richard Bowers & Co. Represents Citizens Trust Bank
in the Sale of 1311 E. Cleveland Avenue in East Point
New 100 unit senior housing development will fill an important gap
in Georgia’s affordable housing inventory.
Wednesday May 19, 2010
 ATLANTA ( May 19, 2010) – Richard Bowers & Co. announces the recent sale of the former King Building located at 1311 E. Cleveland Avenue, a 50,400 square foot office building on 2.13 acres and part of the East Point Corridors Tax Allocation District. The foreclosed property was acquired from Citizens Trust Bank (CTB) by Prestwick Development Company, LLC. (PDC). The property will be redeveloped into a much needed 100 unit affordable living complex for senior citizens.
The recent purchase of the Cleveland Avenue property has given the City of East Point confidence that their mission of revitalization in the area will continue, even in difficult economic times. Genesa Elisa, Director of Planning & Zoning for the City of East Point, stated that “The King Building has been vacant for years, with PDC being the first developers to come up with a solid development plan and obtain adequate financing. This development is a catalyst for future developments along Cleveland Avenue.”
“I credit the Georgia Department of Community Affairs (GDCA) and our Senior Partner, Ken Blankenship, with their ability to get a project such as this funded in today’s challenging economic environment” stated founding partner of PDC, Ward Wight. Wight expressed his team’s enthusiasm in being a part of such an amazing project, of which city and state and federal agencies have participated.
Through the GDCA, a commitment of Neighborhood Stabilization Program (NSP) funds was awarded by the Georgia Housing and Finance Authority (GHFA) in the anticipation of PDC’s redevelopment of the blighted property. The new development, properly named “Gateway East Point”, will fill an important gap in Georgia’s affordable housing inventory, while also providing a quality living environment to Georgia’s elderly population. The redevelopment will also provide the City of East Point with a “gateway” to achieving its commercial and residential development potential, as well as a better geographical balance in the development it attracts.
“The property will feel like a luxury hotel with all of the finishing touches. The amenities will include a fully outfitted community room with sofas, chairs, TV, and game tables. There will be a library, a computer lab, a wellness center, an arts and crafts classroom, as well as a fully equipped fitness center with state of the art equipment,” described Jennifer Mills, VP of Design and Development for Shelton Taylor & Associates, interior designer for the Gateway East Point project.
Mayor Pro Tem, Lance Rhodes expressed his expectations for the Gateway East Point project, exclaiming, “it will be one of the crown jewels of the city and is anticipated to fuel the fire for further development and redevelopment in the East Point Corridors TAD.” Councilmen Rhodes also advised that the facility should be well received in the area, noting that Norman Berry Village, the primary independent living complex in East Point, has over one hundred hopeful residents on its waiting list.
Veteran broker, Tarkenton N. Thompson, Vice President and J. Park Williams, Associate both with Richard Bowers & Co. commercial real estate represented the seller, Citizens Trust Bank in this complicated transaction. The buyer, Prestwick Development Company, LLC were not represented by a broker.
About Prestwick Development Company
Established in 2008, Prestwick Development Company is comprised of four partners, Kenneth G. Blankenship, Richard D. Lee, Ward H. Wight and Wiley A. Tucker III, with a combined experience of over 40 years in the affordable housing industry.
About Richard Bowers & Co.
Established in 1980 and headquartered in its flagship property of 260 Peachtree Street in Atlanta, Richard Bowers & Co. is the largest independently owned commercial real estate firm in Metropolitan Atlanta. A member of TCN Worldwide—a national affiliation of real estate firms—the company represents tenants, landlords and owners in office, industrial, and retail sales and leasing, land and investment sales, financial services, relocation services, interior design, construction management, property management and development. Affiliated companies include Facilitec, RB Management and Office Interiors. Represented clients include numerous FORTUNE 500 companies, regional and national headquarters, professional firms and major institutions. The company has completed more than 10,000 property sales and leasing requirements totaling more than 80 million square feet of space since its inception.
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