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Atlanta-based and Charlotteville, Va.-based reported their plans for the propertty at 222Mitchell Street, but they did not discloser financial terms of the deal. The 350,000-square-foot structure was builtr in stages from 1929 to 1979on 2.1 acres and occupiese the entire city block bounded by Spring, Forsyth, Mitchell and Nelsohn Streets. Orinda and Octagon will convert the propertu into a rental buildingb with 205 loft units and morethan 70,00p0 square feet of commercial space. Occupancy is expected in Januar 2011.
“The redevelopment of 222 Mitchellp Street into rental lofts and retail space will play a significant role in the rebirthg of this part ofdowntown Atlanta,” said Dillo n Baynes, president of Orinda, in a statement. “We’re certaih that living at 222 Mitchell Streetg will appeal to young professionals whowork downtown, as well as to college students, especially those who alreadu attend one of the many fine institutions in the area, such as Georgia State Spelman, Morehouse, Clark Atlanta University and Georgia Tech.
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