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Vision: Scrap $5M Old Fourth Ward Home for Swanky Hotel, Condos

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Pioneering residence is being marketed as potential "island" for mid-rise project

A pioneering modern residential structure in the Old Fourth Ward that every Atlantan has probably seen before could be bulldozed for "an ultra-exclusive boutique hotel" or "ultra high-end boutique condo development" if sellers have their way. Johnny Gonzales, of Berkshire Hathaway HomeServices, listed the five-story residence that sits along the Freedom Parkway interstate exit for $5 million today, but given the site's commercial zoning, he's marketing it as a potential island from which a mid-rise project could have permanent panoramic views. He's gone so far as to enlist DDS Studios to create a conceptual boutique hotel-condo to get the point across.

"It is a high price for a small lot to build on," Gonzales tells Curbed. "But I do firmly believe that (with) a unique property like this — given its location in the heart of Old Fourth Ward, being on an 'urban island' with no immediate neighbors, and coupled with the finest views in the city — that the price is justified."

The property was marketed for substantially less — $3.5 million — back in the spring of 2014.

Some history: The lot was purchased for $77,000 in 1996, and this four-bedroom home with 10,500 square feet (and 10 parking spaces) rose two years later, back when the Old Fourth Ward was less trendy. Its builders had the foresight to maximize the views with walls of windows and multiple decks. A cathedral ceiling and spiral staircase help maximize the interior airiness.

Only time will tell if promotional language like this is enough to drum up the right amount of interest:

"From the fourth and fifth floor, you have stunning views of all three of Atlanta’s skylines …downtown, Midtown, and Buckhead, as well as a glimpse of Stone Mountain. Imagine what those views would look like from seven, 10, or 12 stories!"