No one was injured during the collapse, the developers say.
The building was originally constructed in 1890, when it was home to the historic Excelsior Mill. More recently, it was home to The Masquerade before the music venue relocated to Underground Atlanta.
The developers purchased the building in 2016. Earlier this month, they released renderings and their plans to renovate the property into office space.
In a statement released earlier this month, the developers said they planned to keep the historical integrity of the building in tact.
"The adaptation of the buildings combines contemporary and historical narratives," the release read, according to Curbed Atlanta.