Pre-1925: The site along Ponce de Leon Avenue had been home to an amusement park, picnic area, skating rink and famous springs. Legend has it that Spanish explorer Hernando De Soto believed he had rediscovered explorer Juan Ponce de Leon’s fountain of youth there.
1925: Sears, Roebuck & Co. announces it will build a giant Atlanta retail store and mail order house there to be far from the congestion of downtown. Sears paid $200,000 for the 16-acre site. The city agreed to extend North Avenue to the new building.
1926: The $3 million first phase of the building opens after six months of construction. On the first day, it has 30,000 visitors. Sears expects to do $30 million in annual sales from the facility, which will carry 35,000 items and employ1,500. Features include a basement cafeteria and doctor’s office to examine prospective employees.
1928: Sears announces two stories will be added at a cost of $500,000.
1929: Sears says it will build a 9-story annex for $750,000.
1930: Sears opens a farmer’s market on the site. Opening day has produce from 150 individual producers in 18 Georgia counties.
1946: Sears builds a new addition to the site.
1960s: Sears adds another building. The facility now totals 2 million square feet.
1979: Sears closes the retail store, but keeps its regional headquarters in the historic building.
1987: Sears announces it will close the building.
1989: Coldwell Banker lists the building for $22 million.
1990: Atlanta says it will buy the building for $12 million and spend $10 million to renovate it to become a second city hall. Mayor Maynard Jackson calls it the “deal of the century.”
1995: Atlanta politicians call the building a “money pit.” Renovation costs are expected to soar to $28 million. Atlanta taxpayers pay $2.4 million annually on debt to improve the landmark.
2003: Mayor Shirley Franklin says she is ready to sell the mammoth building, which the city only half filled.
2004: Lilburn developer Emory Morsberger offers $35 million for the building, with plans to spend $400 million to convert it into 1,200 condos, offices and shops.
2006: Morsberger’s team wires $7 million to the city to start the purchase. The price drops to $33 million.
March 2010: Morsberger says the condo market has tanked. He takes a back seat to a new lead developer, Jamestown, which offers $27 million for the building. New plans call for nearly 400,000 square feet of retail.
Tuesday: A city board approves a zoning change to allow large anchor tenants like Target or REI. Other tenants could be offices, apartments and a “technology hotel” for electronic equipment.
SOURCE: The Atlanta Journal-Constitution archives, staff research.
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