A group of Atlanta investors hopes to transform the bottom three floors of the now-vacant downtown Macy's department store into a thriving retail and restaurant space.
The group, called the Davison's Downtown LLC, has the bottom three floors (including the grand street-level space complete with chandeliers) under contract. Those three floors total 185,000 square feet, which will be sold as a condo interest for $16.5 million. The sale is expected to be completed by the end of March. The group, which includes 18 investors (all from Atlanta with one exception) plans to spend up to $14 million more to revitalize the space.
Once the Atlanta investors take control of the space, the future looks bright. The spectacular main shopping floor will once again be open to the public and will become an integral part of a well-balanced downtown, a downtown that has been hungry for new retail with more restaurant choices.
Monday, February 25, 2008
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