According to the real estate company, the property sits within the city’s “federally designated opportunity zone,” which means it’s eligible for tax breaks.
The area where the building is located has been rapidly changing and developing — it’s only about a half mile from Mercedes Benz Stadium, which means it will also be in proximity to the redevelopment of the area known as the Gulch.
However, the building and the area also have a rich history — including, but not limited to, the OutKast video.
Courtesy of Stratus Property Group
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As the name suggests, the property was once home to a launderer, where railroad workers could drop-off/pick-up their threads during the neighborhood’s heyday, according to Stratus.
The property has been owned by a family for the last two decades and has most recently been used as a private residence, co-working space and event venue, according to the listing.
Current zoning allows for the property to be used for either residential or commercial purposes. However, because it sits in a historic district, the exterior will not be able to be altered, according to Stratus.
“The quality and charm of the existing building along with its prime location within the Castleberry Hill Historic Arts District and the potential for further expansion or redevelopment makes this a fantastic opportunity for the right investor or end user,” broker Charlie Carroll said in a release.
“We’re thrilled to be representing the owner in the marketing and sale of such a unique property at a time when the surrounding area is in the early phases of the strongest wave of redevelopment in the neighborhood’s history.”