Ponce Hotel sells for $1.6 million | Business
ATLANTA -- An intown Atlanta hotel has a new owner.
The Ponce DeLeon Hotel, located just blocks from the future Ponce City Market, has sold for $1.6 million, according to Fulton County court records.
The new owners, Nazar Holdings LLC, might turn the 58-room, 18,500-square-foot building into student apartments, according to sources.
Nazar could not be reached for comment.
For many neighborhood leaders, the hotel sale represents a step in the right direction.
It also signals that Ponce City Market, a massive project that's transforming the former Sears building into a hip, mixed-use community, is becoming a powerful catalyst for redevelopment along Ponce.
"This real estate transaction is, in my mind, another spill-over effect from Ponce City Market and the tremendous impact it is going to have on all of our intown neighborhoods in this area," said John Wolfinger, who leads the Virginia-Highland Safety Team.
Peggy Denby, president of the Midtown Ponce Security Alliance, added: "It is probably the single best thing that could happen to Ponce de Leon at this point. We are thrilled."
That's because the property has been an ongoing issue for the alliance.
"We still have plenty of druggies on that block living in and revolving around the hotel in some way, and it is quite a bit of work for us," said Steve Gower, vice president of Midtown Ponce Security Alliance.
Jake Reid and Ricky Jones of Franklin Street represented the seller, Edwin Porterfield, in the transaction. It closed Oct. 15, according to court records.