Development partners with ties to the Atlanta Hawks are in talks to acquire a key building vital to the redevelopment of south downtown and the Gulch, four people familiar with the matter told The Atlanta Journal-Constitution.
It’s unclear when or if a deal for the building will close.
The eight-story complex is more than a mile walk south of the arena near the Richard B. Russell Federal Building, suggesting the franchise’s partners have a more expansive real estate footprint in mind than just the immediate area of Philips Arena.
A spokeswoman for Norfolk Southern declined to comment, citing policy on real estate matters.
CIM Group founder Richard Ressler did not immediately return messages seeking comment. Ressler is the brother of Hawks lead owner Tony Ressler.
Attempts to contact a Hawks representative were not immediately successful.
Atlanta Mayor Kasim Reed has said a deal to overhaul Philips Arena would lead to downtown redevelopment.
CIM’s plans for the massive building aren’t clear, but the building could be prime for a Ponce City Market-style rehab into loft office space, retail and residences.
The old Norfolk Southern building is seen as an anchor for redevelopment of south downtown.
The railroad company quietly solicited requests for proposals for the building, as well as adjacent land and two brick buildings south of the main complex across Peters Street.