Presidential Tower, the dilapidated icon looming over Spaghetti Junction, has officially been sold.
Peacock Partnership intends to redevelop the property, built in 1973 near the convergence of I-285 and I-85, as senior housing. The tower used to be a hotel and condos but fell into disrepair in recent years as it sat vacant.
Once complete, the planned complex, which will involve a second new building, will be one of the largest seniors communities in metro Atlanta, according to a news release.
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“After five years of negotiating this sale with various individual condo owners of the property, we are thrilled with the outcome for Peacock and their plans to revitalize the property for a use that is in high demand,” said Taylor Brown, director at Greystone Brown Real Estate Advisors, which assisted in the sale. “This property will once again be a shining beacon for those traveling through Spaghetti Junction in Atlanta.”
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