DeKALB COUNTY, Ga. -- The story of one of the most visible - and controversial - buildings in metro Atlanta is entering a new chapter that current developers hope is better than many before.
Greystone Brown Real Estate Advisors announced on Wednesday that it had closed on the sale of Presidential Tower - the large cylindrical 190,800 square-foot building that has stood over Spaghetti Junction since 1973 - originally dubbed Presidential Tower.
From hotel to club venue to condominium high-rise, the building has seen many iterations over the years. Sadly recent ventures have seen long periods of vacancy and companies finding little or no return on investment.
In 2016, the 5.5-acre, 15-floor building was put up for sale by Hays Financial Consulting and Greystone. Peacock Partnership, Inc. received unanimous approval in January 2018 to acquire the landmark with the goal of turning it into a senior housing developing.
"After five years of negotiating this sale with various individual condo owners of the property, we are thrilled with the outcome for Peacock and their plans to revitalize the property for a use that is in high demand,” said Taylor Brown, director at Greystone Brown Real Estate Advisors said. “This property will once again be a shining beacon for those traveling through Spaghetti Junction in Atlanta.”
According to a statement from Peacock Partnership, they plan to include "high-end amenities" such as fine dining, a retail marketplace, upscale spa, a salon, and a wellness-fitness center.
