Surely it's a mirage, but at first glance, renderings for a proposed revamp of the Olympia Building downtown appear to contain the phrase "To Match Historical Precedent." Not just once, but with several aspects of the project. In Atlanta. Seriously. A company called CSH-23 Peachtree LLC scooped up the struggling Olympia for $2.2 million last fall, and renderings dated from January suggest the 1930s building could be slated for a Walgreens Pharmacy. The pharmacy's name would be etched in art deco lettering on a "new black aluminum canopy marquee to match historical precedent," the plans suggest. New second-floor windows and a tenant blade sign on the side of the building would also reflect the 1930s aesthetic. Could obeying the historical precedent help to set a new precedent for the future?
Built by storied Atlanta architects Ivey and Crook, the pie-shaped, two-story building with the iconic, flashing Coca-Cola sign on top has been listed and delisted for years. CSH-23 paid substantially less for the Olympia than its $3.5 million valuation in 1996, when the Woodruff Foundation gifted the building to the state in preparation for the Olympics. The big 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.
A viable business in the Olympia's ground floor could be another boon for 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. Around the corner, an investor has plans to flip the 11-story Flatiron Building into an incubator for startup companies. All these new students and entrepreneurs will need access to medicine and cheap Valentine's Day gifts, right?
· Olympia Building post [City-Data]
· Sale Of Olympia Building Could Be A Score For Downtown [Curbed Atlanta]
[Images via City-Data, Encore Real Estate]