Sometimes in Atlanta, the news about historic preservation is measured in terms of buildings that weren’t demolished. This is one of those times.
The Atlanta City Council has approved a deal that will reduce the economic pressures to further develop the Georgian Terrace. The council authorized the owner to sever the development rights of the property and sell them at some point in the future to the owner of another parcel in Midtown.
In the heart of Atlanta’s downtown business district, a “For Sale” sign is hanging on the second floor office condo at the Healey Building. The proposed sale, priced at $840,000, indicates there are no dramatic changes planned for the building that was renovated in 2007.
The owners of the Georgian Terrace are taking steps to sell the development rights associated with the building to another property in Midtown.
Atlanta’s Urban Design Commission is slated to consider the proposal this afternoon and provide comments. The Atlanta City Council is expected to consider, in late May or early June, the special use permit that’s related to the transfer.
No buyer is waiting to purchase the proposed transfer of development rights from the Georgian Terrace, Sharon Gay, a lawyer handling the transaction, said Wednesday. The action simply positions the building to have an additional value that can be realized at some point in the future.