Latest news with #JoelReed
Axios
4 days ago
- Business
- Axios
Decades-empty Atlanta Constitution building gets new life
A historic but beat up South Downtown building that sat vacant for five decades is getting the overhaul it has long deserved. Why it matters: Developer Gorman and Company plans to turn the former Atlanta Constitution building into Folio House, a mixed-income housing development with rents affordable for service workers, bus drivers and more. Zoom in: The project's first phase calls for converting the building's upper floors into 50 residential units, 46 of which would serve people living on lower incomes, Gorman southeast market president Joel Reed said at a Thursday groundbreaking. The company will also restore the exterior and clean up the ground floor. Construction starts Monday. The team plans to finish the phase before the FIFA World Cup kicks off next summer. Catch up quick: Built in the early 1947, the five-story building was home to the Atlanta Constitution, one of two newspapers that merged to become the Atlanta Journal-Constitution. Georgia Power then moved in for a short period before vacating the art moderne building — one of the last of its kind in Atlanta — in the early 1970s. It's been empty ever since. Reality check: Remediation and abatement work on the building comes first, Reed said. "There's a swimming pool in the basement," he said. "It wasn't meant to be a swimming pool, but there is a swimming pool in the basement." "There's a green roof up top," he said, referring to trees growing out of the building. "We're going to be modifying that as well." What they're saying: "All these projects are testaments to the strength of public-private partnerships," Mayor Andre Dickens said Thursday, adding the eyesore always seemed "spooky" to him. "These partnerships allow us to turn vacant and underutilized buildings into thriving community serving spaces." "We are turning public assets into engines for equity and economic mobility," he said. Zoom out: The city has plans to convert nearby city-owned properties, including the 2 Peachtree skyscraper and a lot across the street from City Hall, into affordable housing. It builds on the momentum in South Downtown, which is expected to see billions of dollars in new development and will likely be a World Cup activity hub.
Yahoo
4 days ago
- Business
- Yahoo
Long-endangered Atlanta building getting new lease on life
A historic building that has been vacant for decades Downtown is about to get a new lease on life. Atlanta Mayor Andre Dickens celebrated the start of the 143 Alabama revitalization project on Thursday. He was joined by Joel Reed, Southeast Market President, Gorman & Company, and Eloisa Klementich, President and CEO, Invest Atlanta. The building, constructed in 1947, once housed the Atlanta Constitution and Georgia Power. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] Phase 1 of the project will restore the historic structure and make the first floor ready for commercial use. It also includes converting the upper floors into 50 affordable housing units available at 30 to 80 percent of the area median income. Phase 1 plans includes 5,575 square feet of commercial space. Plans for Phase 2 include new 151-unit affordable housing building on the surrounding property. Once complete, the site is expected to add more than 190 affordable housing units to Downtown Atlanta. The 143 Alabama renovation plan is part of a larger effort set to transform 2 Peachtree, 104 Trinity, 184 Forsyth and other sites in Downtown. TRENDING STORIES: Former Spalding football coach sentenced for strangling his girlfriend Man accused of depositing check meant for GA county commissioners into personal account 'That's problematic:' Woman accused of taking money from homeowners instead of cutting down trees 143 Alabama, considered an Art Moderne structure, has withstood nearly 50 years of neglect, as well as demolition proposals, the The Georgia Trust for Historic Preservation said. The historic building advocacy group said 143 Alabama was known as 'The Heart of Atlanta' because of its proximity to downtown Atlanta's historic railroad junction. Atlanta Constitution occupied the building from 1947 until the paper consolidated with the Atlanta Journal in 1955, the Georgia Trust for Historic Preservation said. Georgia Power moved into the building in 1955 and moved out in 1972. The building has been unoccupied and neglected since then. The building was added to the 2003 List of Endangered Buildings. [SIGN UP: WSB-TV Daily Headlines Newsletter]
