August 14, 2003

According to both the Atlanta Journal-Constitution and the Atlanta Business Chronicle, condo developer Jim Borders and commercial developer Hal Barry, chairman of Barry Real Estate Cos., are planning on buying and developing a prominent piece of Downtown real estate, located near the site of the future Georgia Aquarium.

The 6.7-acre site covers three city blocks stretching from Williams Street to MARTA's Civic Center station on West Peachtree Street. The largest undeveloped tract in the central business district, the site now is covered with garages and asphalt lots that charge as little as a dollar a day... The site overlooks new condo developments adjacent to Centennial Olympic Park, the new Georgia Aquarium and planned site of a new home for the World of Coca-Cola.

"Developers to buy big downtown site"
Atlanta Journal-Constitution, 8/14/03

Location of property. Larger maps with wider area available

Jim Borders, through his company Novare, has been actively developing in both Downtown and Midtown for years. His past projects in Downtown include The Metropolitan, Renaissance Lofts and Centennial House, while The Biltmore, Peachtree Lofts and Metropolis are among his Midtown projects. All 498 condos at Metropolis have sold within a year of their opening.

The Atlanta Journal-Constitution quotes David Branch, the Advantis Commercial Real Estate Services broker who originally listed the site for sale in September 1997, as saying the property, which has been on the market for more than $20 million, was assembled years ago in a speculative venture to attract a big development, and that such high-density development remains the plan.

The Atlanta Business Chronicle summarized the deal, as follows:

Novare Group, headed by Atlanta developer Jim Borders, has put half of the Peachtree Portal property under contract for another residential high-rise like its Metropolis project, sources told Atlanta Business Chronicle. In turn, Novare will then sell a portion of the property to Atlanta development firm Barry Real Estate Cos., which could use the site for a new office tower for Southern Co.

"Southern Co. and Novare eye Peachtree Portal land"
Atlanta Business Chronicle, 8/14/03

This development falls within the area included in the JSA-McGill Livable Centers Initiative (LCI), which is being carried out by Central Atlanta Progress with cooperation of the public, private groups and government. The first workshop is August 19th.