Downtown Atlanta’s first skyscraper, the historic Flatiron Building, could be redeveloped into an incubator to foster entrepreneurship in the city’s core. According to a report in the Atlanta Business Chronicle, Arun Nijhawan managing principal with Lucror Resources, LLC plans to buy and renovate the 40,000 square foot building into a “collaborative place” for Atlanta’s “makers, thinkers, and doers,” according to a document filed with Invest Atlanta, the city’s economic development arm.

Invest Atlanta offered Lucror a $1.5 million loan to help offset acquisition and renovation costs, which are expected to top $10 million. Nijhawan, a distressed real estate investor, expects to acquire the Flatiron in March and have it renovated by the end of the year.

Nijhawan, former real estate chief of $5 billion hedge fund GMT Capital, has raised $8.7 million, most of it in private equity. The development will include more than 36,000 square feet of collaborative workspace designed for more than 330 creatives, and design-led startups and entrepreneurs. The building will include event space, and 5,600 square feet of ground floor retail space.

Collin Kelley

Collin Kelley has been the editor of Atlanta Intown for two decades and has been a journalist and freelance writer for 35 years. He’s also an award-winning poet and novelist.