A mid-1960s office tower on Edgewood Avenue, surrounded by Georgia State University buildings and just blocks from the heart of downtown, could soon be transformed into residences.
According to Bisnow, Rhode Island-based developer Gilbane has applied for permits to modify the 18-story United Way office building into residences.
Speculation has been swirling for more than a year, following the announcement that the building and four-acre site would be put up for sale.
The timeline could be short, as the building’s current owners have been aggressively buying out leases to clear house within the next few months, the website reports.
However, plans for what types of units and pricing for the development are still unknown.
If the plan for conversion pans out, it could mimic the transformation of another dated, nearby office tower into apartments now appropriately(?) named “The Office.”
Coincidentally, that building is now being marketed for sale by developer Paces Properties.
Housing development in the neighborhood is quickly gaining steam, as developers look to cash in on cheaper downtown real estate as Midtown costs soar. With occupancy stabilized at The Office, and near Midtown-level rents of $2 per square foot being achieved, downtown seems like a good bet.