One of Midtown’s largest eyesores is poised to become a rare park nuzzled among some of the city’s landmark skyscrapers.
The Midtown Improvement District is under contract to acquire the 4-acre undeveloped lot at 98 14th St., the Midtown Alliance announced at its annual meeting Tuesday. The site was once envisioned for a new symphony hall and later for high-rise condo towers that never came to fruition.
Midtown Alliance President and CEO Kevin Green said the space will be developed into a public park.
“For years, we’ve sat and talked about the imperative of creating open space in Midtown to permanently protect,” he told the 1,000-plus person crowd at the Fox Theatre.
Credit: arvin.temkar@ajc.com
Credit: arvin.temkar@ajc.com
The transaction terms were not immediately disclosed, but Green said he expects to close the deal by mid-May.
The Midtown Alliance will gather design input from the community once the transaction closes. Though Midtown sits on the border of Piedmont Park, Green said the Midtown business district covers roughly 770 acres but only has about 1.1 acres of permanently protected green space. He said this site is one of the rare opportunities to expand that figure.
“In a red-hot real estate market, to look for space that could be acquired for public space is like playing musical chairs. But the music never stops and the chairs keep disappearing,” Green said.
Credit: Mirtha Donastorg
Credit: Mirtha Donastorg
The land, long one of the highest-profile development sites in Midtown, has laid barren for years. It was once planned as a new home for the Atlanta Symphony Orchestra, plans that were dashed by the Great Recession. Later, it was proposed as the site of multiple high-rise residential towers called Opus Place, which also failed to materialize.
The property went through foreclosure in late 2023 after New York-based Olympia Heights Management LLC, the developer that proposed the Opus Place plans, defaulted on its $40 million loan. Atlanta-based real estate investment company Peachtree Group acquired the property through a foreclosure auction and has been marketing the land for sale.
The Midtown Improvement District, which the alliance operates, is a self-taxing business district that uses proceeds for infrastructure, security and other purposes. It will fund the acquisition through tax-exempt government bonds from SouthState Bank, Green said. A philanthropic campaign will help fund the eventual green space’s construction.
Atlanta Mayor Andre Dickens, who spoke at the meeting, called the Midtown Alliance’s park plan “a testament to the power of community and action.”
“I know there’s a lot of hard work to come, but I am already in my mind getting ready with my scissors sharpened to cut a ribbon,” he said.
Credit: arvin.temkar@ajc.com
Credit: arvin.temkar@ajc.com
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