From: AJC
The Atlanta Journal-Constitution
By Rachel Tobin
On Monday, Mayor Kasim Reed is expected to announce the long-awaited sale of City Hall East to Jamestown Properties. The 85-year-old building -- once a huge Sears complex -- has been a white elephant of sorts along one of Atlanta’s most central thoroughfares.
When then-Atlanta Mayor Maynard Jackson announced the deal to buy the Sears building for $12 million in 1990, he called it "the deal of the century." Less than five years later, renovation costs had skyrocketed and lease income didn't materialize, in part because of limitations on the debt used to finance it. Atlanta never fully occupied the 2 million square foot building, which is one considered one of the largest in the Southeast.
No comments:
Post a Comment