The historic Flatiron Building, downtown Atlanta’s oldest standing skyscraper, will undergo a $12 million renovation, the structure’s owner announced this week.
The Flatiron project is expected to be completed by October, according to Lucror Resources LLC, a private equity firm. The façade of the 11-story building will be retained while the interior is transformed with the latest technology and flexible office space for young companies and corporations, according to owner, said Lucror, a private equity firm.
Companies will be able to lease as little as one desk on a monthly basis, Lucror said in a release. The building will house a Microsoft Innovation Center and Women’s Entrepreneur Initiative, and Georgia Tech’s Enterprise Innovation Institution will help manage the building.
The building’s ground floor and lower level will be leased for retail space. The renovation is expected to be completed by October.
Earlier this year Lucror Resources LLC closed on a $11.2 million new markets tax credit transaction with Invest Atlanta and JPMorgan Chase to finance renovation of the three-sided building at 84 Peachtree St., according to Rebusinessonline.com report.
Invest Atlanta uses the new markets tax credits to provide low-interest loans to builders and businesses with large redevelopment projects.
Atlanta's Flatiron Building was built in 1897, five years before New York's city's famed Manhattan landmark, which carries the same name. See this video here.