South Downtown Redevelopment

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German real estate company Newport US RE confirmed to Atlanta Business Chronicle it just acquired the more than 380,000-square-foot property for about $12 million. Newport had the former data processing and executive offices for NationsBank, the forerunner of Bank of America, under contract for months.

South downtown’s 222 Mitchell Street could be remade into new housing, retail space and office space, and possibly a hotel.

Asked how much it would pour into 222 Mitchell Street’s renovations, Newport development executives could not say for certain yet, but expected to spend “multiples of the acquisition price.”

Rendering released by a previous investor that never closed on the property.