Popular Old Fourth Ward music venue The Masquerade and adjacent land along the Atlanta Beltline were recently sold for $5.3 million, according to CoStar Group Inc.
Atlanta-based SWH Residential Partners LLC, a development partnership involving Norcross-based Worthington Hyde Partners, bought the 3.3 acres.
That included the $2.8 million sale of the Masquerade and surrounding land. Southeast Capital Cos., The Atlanta Beltline Inc., and The Atlanta Development Authority were the sellers.
Southeast Capital plans to remain working on the redevelopment of the Masquerade, a 26-year-old Gothic-inspired music venue on North Avenue, known for its three indoor stages called Heaven, Hell and Purgatory.
The Masquerade is housed in the former Excelsior Mill building, which dates all the way back to 1890. Nearly a decade ago, it received a landmark designation, meaning “The Mill” is protected from demolition and must be preserved as part of the overall redevelopment.
Southeast Capital is finalizing the cost to build the new apartments, retail space, and parking deck, and until the developer finishes that process the fate of the Masquerade is unknown. It expects to finish the cost analysis in October, when it “will devote our focus toward the future of the Mill use,” said Jay Clark, with Southeast Capital Cos.
Atlanta Business Chronicle reported in February that Southeast Capital Cos. was moving ahead with plans to add more than 200 apartment units around the historic Excelsior Mill, home to The Masquerade.
A redevelopment of the old mill, built in 1901, has been in the works for nine years. In 2006, Southeast Capital Cos. bought the property for nearly $4.3 million and planned to turn it into condos.
SWH Residential Partners hopes to break ground on the project in October, Clark said.
