Developer behind planned Midtown tower puts part of property up for sale

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New York-based developer Olympia Heights has owned the property along Atlanta's 14th Street for more than five years, with plans to develop Midtown's tallest residential tower.

New York-based developer Olympia Heights has owned the property, known as No. 2 Opus Place, for more than five years, with plans to develop Midtown’s tallest residential tower

For years, a development project in the heart of Midtown has been touted as a skyline-changing endeavor. The property at 98 14th Street is owned by New York-based developer Olympia Heights management.

But now, part of the property is once again up for grabs.

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The Atlanta Business Chronicle reports that the out-of-state developer attempting to build Midtown's tallest residential building is looking to sell off 2.2 acres of the site for additional development.

“The balance of the site is large enough to contain more than 1 million square feet of additional office, apartments and retail space,” the business chronicle reports.

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Olympia Heights acquired the Midtown property for $22 million from Woodruff Arts Center more than five years ago.

The developer’s original plans in 2014 called for three skyscrapers on the site, but that eventually changed.

By 2018, the developers behind the project — called No. 2 Opus Place — said they had pre-sold dozens of units, for the planned 53-story building.

Now, the developer has called upon commercial real estate company Cushman & Wakefield to help sell about half the land around the slated main tower on the four-acre site. A representative with Cushman & Wakefield told the Business Chronicle that they could not comment.

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But, as the paper notes, the site is expected to draw a lot of attention, given its prime location as one of the only sizable plots of land in Midtown still available for development.

Completion of the main tower, with about 200 planned united, was originally slated for 2020. Despite a number of delays and changes in the plans, luxury brokerage company Berkshire Hathaway continues to pre-sell condos in the tower, ranging in price from $600,000 to $12 million for the property's penthouse.

The property sits across from the Four Seasons Hotel. Chicago-based architecture firm, Perkins+Will, is designing the tower.