Monday, January 25, 1999
by Martha Netherton
The Coca-Cola Co. insists that it has not decided whether it will build new office space in downtown Atlanta, but the requests for proposals the soda giant issued several weeks ago seem to indicate officials are leaning in that direction.
The company recently issued four different requests for proposals to various architects and developers.
The requests range from a specific long-range plan to requests for a parking garage, a high-rise office tower and an office campus, sources said.
Coke officials remain mum, but market observers said they believe the company will be close to making a final decision by summer.
CONDO CONVERSION. Ultima Holdings LLC is teaming up with Sol Margolias to convert Lincoln Heights Apartments near Emory University to condominiums.
The 20-story tower at 1501 Clairmont Road, built in 1968, has been renamed Somerset Heights and includes 174 condominiums ranging from 730 to 1,440 square feet.
Prices start at about $91,000.
Partners in the effort include Margolias, Jacques Mebius and Robert Ullman. The building will be available for occupancy in May.
AROUND LENOX SOLD. Alpine Partners LLC has formed a venture with AMB Institutional Real Estate Advisors to acquire the Around Lenox shopping center at 3400 Woodale Drive in Atlanta.
Alex Peterson, executive vice president of Alpine Partners, said the venture paid $17.2 million to buy the property and plans to invest more than $2 million to upgrade the center, which is directly across Lenox Road from Neiman Marcus at Lenox Square.
In addition to upgrading the 124,000-square-foot center, the company plans to give it a new name and add “higher-quality” merchants.
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