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Sale Of Olympia Building Could Be A Score For Downtown

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The Olympia Building near Woodruff Park downtown has finally found a suitor, Creative Loafing reports. Built by storied Atlanta architects Ivey and Crook back in the 1930s, the pie-shaped, two-story building with the iconic, flashing Coca-Cola sign on top has been listed and delisted for years. A company called CSH-23 recently scooped up the Olympia for a mere $2.2 million — less than its $3.5 million valuation in 1996, when the Woodruff Foundation gifted the building to the state in preparation for the Olympics.

There's no official word on the buyers' plans for the Olympia just yet. But the big red sign on the roof will likely stay, as Coca-Cola has leased the rooftop space through 2017 — at a base rent of $8,641 per month. Ideally speaking, what would occupy the rest of the Olympia Building?

In any case, this could be another boon for the vibrancy of downtown near Woodruff Park. In September, Georgia State University broke ground on a new College of Law — a modernistic 200,000 square-foot structure to rise about a block from the park.

And last month, news emerged that Michael Tavani, cofounder of discount site Scoutmob, is in talks to possibly buy the nearby "Flatiron Building" — an 11-story Peachtree Street landmark — to house an incubator for tech companies.

· Downtown's historic Olympia building - the one with iconic Coca-Cola sign - finds a buyer [Creative Loafing]
· Historic Olympia Building Pleads For Suitor — Again [Curbed Atlanta]

[ABOVE: Vintage Olympia Building photo: luciensteil.com]