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Downtown Development

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The developer behind Krog Street Market has made a leap of faith into downtown Atlanta in hopes of starting a residential resurgence. Paces Properties has officially bought the vacant, 20-story office building at 250 Piedmont Ave. with plans to retrofit it with 300 high-rise apartments — the largest injection of downtown rental units in recent memory. The final sales price was just $8.1 million, or roughly half the going rate for Big Poppa's Temple of Gaud. [Atlanta Business Chronicle]