110301 Atlanta — The Atlantic condominium tower rises above Atlantic Station Tuesday, March 1, 2011.
Bita Honarvar bhonarvar@ajc.com
Blocks of unsold residences in The Atlantic, a 46-story residential tower in Midtown, might soon have a new owner.
Commercial Real Estate Direct reports that Miami-based Crescent Heights is offering 246 unsold condos and about 13,000 square feet of retail space in the tower, the tallest building in the Atlantic Station development west of the Downtown Connector.
A message left for Crescent Heights executives was not immediately returned.
The tower has had a convoluted past. It was developed by Novare Group during the boom, but came to market with units topping out in the seven figures amid the real estate meltdown. Novare lost control of the property during the downturn.
Corus Bank of Chicago financed construction of The Atlantic and several other condo communities in metro Atlanta. But when condo sales tanked in Atlanta and elsewhere, it left Corus teetering with thousands of unsold condos on its books. Corus would later fail.
Atlanta was among Corus’ larger markets of unsold and troubled properties. Years later, many of the condo units have sold, some at steep discounts.
Some of The Atlantic’s units were converted to rental during the downturn (some remain rental units) and recently Crescent Heights, the building’s current owner, has moved to convert units back to ones for purchase.
The Atlantic's website lists prices for one-bedroom units starting at $299,900, and penthouses starting at $1.3 million. One bedroom units for rent are listed at about $2,200 per month and up.
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