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Downtown Deal: State Eyes Sale of Tallest 5 Points Building

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Rising above Underground Atlanta, Two Peachtree Street is the tallest high-rise at the southern edge of downtown. Also known as the State of Georgia Building, the midcentury tower was treated to a hefty $100 million renovation back in the 1990s when the state purchased it for government offices. But now, the Georgia legislature is exploring the possibility of selling the tower, according to the AJC. The move comes after the government received an unsolicited offer for the building earlier this year, putting into play the possibility of parting ways with the aging tower. Preliminary plans call for state agencies to vacate the building in a massive reshuffling of government offices in the coming years. But before that can happen, a new court complex would have to be built to replace the old Archives Building near the Capitol Building.

Built in 1966 as the First National Bank of Atlanta, the 44-story building held the title of tallest in the city for a decade before being surpassed by John Portman's Westin Peachtree Plaza. While other towers have since pushed the building another 12 spots down the list, the FABRAP — now Rosser International — designed edifice still looms large over Five Points. The building replaced the historic Peachtree Arcade at a time when preservation wasn't given a second thought in Atlanta and downtown was experiencing tremendous growth.

The area's building boom stopped in favor of northward migration soon after the tower was completed, and the listing of the building could be an indication that finally, after 50 years, things are looking up. With plans to redevelop Underground Atlanta into a dense urban complex complete with residences and a grocery store and a range of projects slated further north in downtown, it seems the whole of downtown is continuing to gain development traction.

· Once seen as money pit, State of Georgia putting costly building up for sale [AJC]
· Image via ATLExplorer on Flickr.