A prominent site in Midtown Atlanta where a developer once planned a luxury residential tower may become a public park that could include a commercial attraction or notable architectural or artistic element.
Midtown Alliance, a nonprofit association of businesses in the neighborhood, said a local community improvement district agreed to acquire the vacant 4-acre parcel at 98 14th St. and create a “permanent signature public space,” according to the group. Midtown Alliance did not disclose the purchase price and said it expects the sale to close in mid-May. Benmark Capital is listed as the property's owner in public records.
The site is one of the largest and last undeveloped parcels in Midtown Atlanta, considered one of the strongest office markets in the city. Midtown Alliance’s members decided to acquire it in the hopes of creating a public park in a district that lacks open space, said Kurt Hartman, former senior managing director at Hines.
“Given the rapid rate Midtown has been developing, this was seen as now or never," Hartman, chairman of Midtown Alliance, said in a news release.
Since 2018, about $10.6 billion worth of commercial development has been delivered in a single square-mile portion of the Midtown district, according to Midtown Alliance.
Kevin Green, president of Midtown Alliance, said the group's members are still working to determine how to use the site, but they want to make a big splash.
"We’re off to create something that is truly spectacular and makes people say 'wow,'" Green told CoStar News. "We want to make it one of the best free things to do in Atlanta."
Midtown Improvement District, a state-authorized group that funds projects with public benefits, will be the entity that acquires the vacant site, according to Midtown Alliance. The group will issue general obligation bonds to fund the purchase.
Midtown Alliance will start a fundraising campaign to generate money to finance site improvements. However, Midtown Alliance provided few details about the what the park will contain.
“The vision is to create a premier attraction that serves as a hub for arts and cultural experiences that are uniquely Atlanta,” the group said in the release.
Midtown Alliance will issue a request for qualifications in the coming weeks to design firms for how they would design and use the site, Green said.
In addition to the 4-acre parcel, the new space may also have connections to outdoor areas owned by neighboring private properties, such as 1105 West Peachtree and Promenade, Green said. Any connections would be subject to agreement with the property owners, he said.
Olympia Heights Management acquired the site at 98 14th St. in 2014 with plans to develop a 53-story residential tower called No. 2 Opus Place. The project was repeatedly delayed, however, and lender Benmark foreclosed on the site in October.
Benmark did not respond to requests for comment.
"With the slowing of the real estate market, we saw a generational opportunity and we were able to come to terms with the seller," Green said.