Posted on: January 10th, 2014
306 Peachtree Battle Avenue between Woodward Way and Dellwood Drive. Heery Brothers just represented an investor in the purchase of this property. In this video, Neal Heery of Heery Brothers outlines the opportunities posed by this unique home. This historic Buckhead house is on 0.68 acres and located where Peachtree Battle is divided by one of Atlanta’s many classic linear parks. The builder intends to deliver a lovely art deco restoration. Property can also be purchased as-is.… Read more
The historic Flatiron, the iconic triangular-shaped building near Woodruff Park in downtown Atlanta, can be yours for $4.27 million.
The 11-story structure, built five years before its more famous cousin in New York City in 1897, was put up for sale earlier this month. It remains one of the oldest buildings in the city and the oldest steel-framed high rise in Atlanta.
Owned by James Cumming and Historic Urban Equities since 1978, the building is listed for sale by CB Richard Ellis and Sotheby’s International Realty for $4.27 million.
“This is a collectible really,” said Lee Asher, a first vice president at CB Richard Ellis. “This is an opportunity to own one of Atlanta’s best properties.”
Asher declined to say why Cumming put the building on the market.
Located at 84 Peachtree Street, the Flatiron helps to shape the wedged-shaped block between Peachtree, Poplar and Broad streets. The building is easily identifiable in historic photos for its distinctive shape.
Current tenants in the 45,000-square-foot building include professional services firms and a location of the Tin Drum restaurant. It’s also been eyed by hoteliers for possible lodging.
Asher said the building would be attractive to potential investors, even in today’s commercial real estate malaise.
“When you’re buying an historic icon like this, there is no reason to time the market,” he said.
Central Atlanta Progress President A.J. Robinson said Cumming restored the building and praised him for keeping it in great shape. He said the building’s configuration and size require an owner to have imagination.
“It’s probably not what a traditional buyer is looking for,” he said. “I hope someone will step forward to care for it for the next 25 years in a very creative way.”
The Flatiron Building reflects a tradition throughout many America cities of the first high rise buildings that use then unique building technology before the turn of the century. The building has 11 stories, and is the Atlanta’s second and oldest standing skyscraper (circa 1897). The Flatiron building is protected by the city as a historic building in the Fairlie-Poplar District of downtown, and is listed in the National Register of Historic Places.
An example of the work the Georgia Cities Foundation does:
On December 7, 2006, the Foundation closed a $250,000 loan to the Rome Downtown Development Authority for the acquisition and renovation of the historic Cherokee Lodge building in downtown Rome. The Lodge, built in 1901, was originally designed for, and used as, a Masonic lodge.