Medical Arts building action? (Atlanta: for sale, real estate, rent)

[charlbird]

I just drove by the long-vacant Medical Arts building at 384 Peachtree Street and saw that they are putting HUGE signs over the entire height (15+ stories) of the building on at least two sides. I couldn't get a good look, but I think one said "The Signs of Change are Everywhere." Does anyone know what it says or what is going on? I guess it could be good news or bad news for the building, or it could just be that they've decided to use it as a giant billboard.

[reet4587]

I saw the banner myself today and it had a Holiday Inn logo on it. It looks like an announcement that the building is going to be turned into a new Holiday Inn location, which is really odd because I haven't read anything about this happening.

If it's true, this is big news. That run down, old Medical Arts building has been both an eyesore and a sad example of unrealized potential for a long time. I would love to see it nicely renovated.

[J2rescue]

Originally Posted by reet4587

I saw the banner myself today and it had a Holiday Inn logo on it. It looks like an announcement that the building is going to be turned into a new Holiday Inn location, which is really odd because I haven't read anything about this happening.

If it's true, this is big news. That run down, old Medical Arts building has been both an eyesore and a sad example of unrealized potential for a long time. I would love to see it nicely renovated.

My guess is that this is simply advertising the renovation of the Holiday Inn downtown. There are however plans for another boutique hotel in the Medical Arts building.

[charlbird]

Thanks for your replies - I hope that this is a sign that the building will be (sensitively) rehabilitated and isn't just the beginning of a new life as a giant billboard (would there be zoning issues for that?). I have heard the "boutique hotel" plan pop up several times over the years.

I had the opportunity to tour the building back in 2005, and even after years of neglect it had some remarkable late-1920s features. Since then there was a major fire, the interior was mostly gutted by the owner, and the main door was actually left wide open for a short time. Nevertheless, I hope that whatever is eventually done is at least sympathetic to what is left of its historic features, especially on the first couple of floors. This type of building is extremely rare in Atlanta, a Holiday Inn would definitely be better than nothing!

[charlbird]

Unfortunately, it turns out that the signs are in fact just ads. The building is still for sale.

[BobKovacs]

Unfortunately, that building will languish in it's deteriorated state forever unless the city removes it's "historic facade" status. I looked at the building about a year ago with some developers who had plans for the site, and it's beyond repair- the years of exposure to the weather from the open windows, etc., has started to destroy the structural frame, and there's really nothing else left to save. The cost to repair the building and make it safe is far more than any project can afford to put into it.

As unfortunate as it may be, the only feasible solution is to take the building down, but that can't be done because it's got historical status. So, it'll sit there and rot, and eventually be considered a hazard when it starts to fall down on its own, and then it'll be taken down anyway to eliminate the safety hazard.

[charlbird]

What do you mean by "historic facade" status? The building isn't on the city's list of designated landmark or historic buildings (link (http://www.atlantaga.gov/client_resources/government/planning/bop%20udc/historic%20and%20landmark%20individual%20buildings .pdf - broken link)). Even if it was landmarked, it would only require approval by the Atlanta Urban Design Commission for changes to the exterior portions that are visible from the public right-of-way. The UDC has a long track record of working with developers to find practical solutions.

There are many economic incentives available for developers working with historic buildings. Substantial federal, state, and local tax credits are available (link (http://www.atlantaga.gov/client_resources/government/boards/urban%20design/forms/fact%20sheet%20-%20economic%20incentives.pdf - broken link)). Facade easements can be applied for through Easements Atlanta, resulting in still more tax benefits. There have been quite a few local projects that have successfully taken advantage of these benefits - the Ellis Hotel, the Glenn Hotel, the Biltmore, and the Fulton Bag & Cotton Mill lofts, to name a few. Each building was in extremely poor condition and had been vacant for years (in the case of the Ellis, 25!). Thanks to some creative developers, they have all been successfully reused.

[BobKovacs]

It's not on the landmark list, but there are restrictions on what can be done to the building. I don't have the exact name of the designation in front of me, but trust me- there's a reason the building hasn't been torn down- it's on too prime of a piece of real estate to still be standing "just because".

And yes, there are plenty of grants, etc., and plenty of buildings that have been restored, but this place is truly beyond repair. I've seen the engineering reports and actually been in the building, and even with the grant $$, it still isn't financially feasible, regardless of how "creative" the developer wants to get. The economy in Atlanta (and nationally) at the moment only makes it less feasible.

[koko339]

Here's an idea for a feasible re-use of the MAB; it's a little out there but Atlanta could benefit from some creativity these days:


Check it:Revision 3: The Medical Arts Building : the revision|CLOUD

[SIZE=3]The Proposal[/SIZE]

The revision|CLOUD proposes to convert the Medical Arts Building into a small-business incubator project with office space, and shared office services. Office space would return the building to its original use, and provide badly-needed low-rent, high exposure space for small businesses. Previous pricing estimates suggested that a full renovation would be about $16 Million. In an effort to make the economics balance and provide the lowest rent possible, many income-generating components will be included in the revision. They include:

Solar power generation: The goal of including solar power generation is to integrate cash flow opportunities that would reduce the operational costs of the project. The solar power array would be sized for the building only- we do not propose selling power back to the grid.

Advertising space: With some of the best exposure in the city, we do not ignore the potential financial benefits of integrating advertising into the project; albeit in a more poetic manner that what has been done in the past. This is the part that will make the preservationists go crazy!

Facade easement preservation: This provides tax credits that will help to reduce the tax burden on the developer, while balancing historic preservation. We propose to only restore and sell the easements on the front of the building.

We are adding to the project a shared office component, complete with conference and meeting rooms, breakout areas, central shipping & receiving, central copy center, and a shared office support staff- all of the things start-ups would love to have, but can’t afford. The hope is that the costs of the shared services can be substantially reduced by the consolidation of companies in a central location. Being that the project is downtown, we are also being a good urban neighbor, and including retail and other civic uses in the project.

[johnatl]

^Love it! Is this a serious proposal?