Peacock Collaboration Gets Landmark Circular Tower Along Atlanta’s Boundary, Will Redevelop Into Among the Largest Seniors Housing Communities in Metro Atlanta
Atlanta’s iconic however forgotten circular tower on the Boundary has actually been offered to a regional group that prepares to convert it to a seniors real estate community.
Peacock Collaboration closed on the 15-story, 165,000-square-foot Presidential Tower at 4001 Presidential Parkway at Interstates 285 and 85, likewise called Spaghetti Junction. Peacock plans to transform the former hotel space into one of the biggest senior citizens housing communities in city Atlanta.
Greystone Brown Realty Advisors, which represented the seller, Hays Financial Consulting, announced the sale Wednesday. Terms of the deal were not disclosed.
The sale implies Presidential Tower, which went from being a local landmark to an irritating eyesore to its neighbors, will be born-again.
Taylor Brown, director at Greystone Brown, said the transaction took 5 years to work out with the private condo owners at Presidential Tower. Brown said transforming the building to in-demand elders real estate will benefit the community. “This home will once again be a shining beacon for those taking a trip through Spaghetti Junction in Atlanta,” he said.
Built in 1973, the circular structure drew immediate attention and unavoidable contrasts to the Capitol Records Building in Hollywood. For several years, it ran as the Presidential Hotel and after that as the Presidential Boutique Condotel when some units were offered as workplace condos.
However the structure fell into disrepair after its owners contested paying expenses and government fines. It’s been uninhabited for several years.