Timing is everything in real estate. And the Sept. 11, 2001, terrorist attacks came right about the time an Alpharetta office developer was planning to build a Midtown office tower — sealing the fate of the proposed project.
A partnership between Scott & Associates and Weaver & Woodbery had the money in place for the project, a proposed 15-story Class A office tower at 16th and Spring streets. The proposed office building was being called 1301 Spring Street, and was one of several that developers were considering for Midtown. The architect had proposed a design that mixed contemporary and traditional styles and that would appeal to law and marketing firms, as well as high-tech companies.
“We had the building planned and ready to go when 9/11 hit,” said Tom Parker, a vice president and principal of Scott & Associates.
“The technology bubble burst, the market started to blow up and 9/11 hit. When 9/11 hit, it sealed the fate on us developing anything in Midtown at that time.”
He said the company sat on the property a few years — there were buildings on the site that housed a variety of small businesses — finally selling to MetLife in 2005, which also bought other real estate in the area.
“It was a good deal for us,” Parker said. “We sold at the top of the market.”
MetLife had planned a mixed-use development, Parker said. Then the commercial real estate market started to soften.
“By the time they got all their ducks moving in the right direction,” Parker said, “the market didn’t justify building in Midtown. As things happen, real estate cycles move up and down. Events beyond anybody’s control make developing it an unwise decision to pursue at this time.”
MetLife said it doesn’t have any definite plans for the property and is just waiting for the economy to improve.
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