The Midtown Improvement District (MID) Board of Directors announced during the Midtown Alliance annual meeting on March 18 that it was in the process of buying four-acres originally intended for the city’s tallest residential tower.
The property at 98 14th Street was originally intended to be the site of a new symphony hall. When that fell apart, a three-tower mega development was floated in 2014 before being scaled back to a 74-story tower in 2016.
By 2017, the property was being marketed as No. 2 Opus Place, a 53-story luxury condo tower with units ranging from $1 to $12 million.
Pre-sales were underway, a groundbreaking was held, and site work had begun in 2018, but the property was in foreclosure by 2023.
Now, MID plans to create a “permanent signature public space in the heart of Atlanta” on the site.
Midtown Alliance President and CEO Kevin Green said during a presentation at the Fox Theatre that the property is under contract and funding is “locked” with general obligation bonds and a favorable interest rate from SouthState Bank. MID plans to close on the property in mid-May, Green said.
“This will be a space for everybody to enjoy forever,” Green said. “This is by far the biggest and boldest and most amazing thing that the Midtown Improvement District has ever done.”
Located between Peachtree and West Peachtree Streets on 14th St, the site is one of the last undeveloped parcels of its size in Midtown.
“Our leadership viewed this as a generational opportunity to preserve land forever and create a signature amenity for Midtown and our city. Given the rapid rate Midtown has been developing, this was seen as now or never,” Kurt Hartman, MID Board Chair, said in a statement.
Over the last 25 years, the MID has invested more than $170 million to fund targeted capital improvements and programs aimed at enhancing the urban experience in Midtown.
“This pioneering move serves as a perfect tribute to the Midtown Improvement District 25th anniversary,” MID Board member Malloy Peterson, SVP of Development at Selig Enterprises, said in a statement. “This marks the first time a Community Improvement District in Georgia has moved to acquire land to build a signature public space.”
More details are available at MidtownATL.com/1-4All.