Curbed Atlanta reports that the new owners of the dilapidated Medical Arts Building in Downtown plan to restore the 1920’s Beaux-Arts landmark into an office tower.
Global X, which bought the building at 384 Peachtree Street earlier this year, has requested $3 million of support from the Beltline Eastside Tax Allocation District for the project. The estimated cost for the renovation is $40 million.
When completed, the building will offer 85,000 square feet of Class A office space targeted to “community-oriented, nonprofit organizations” as well as ground floor retail space.
The building, listed on the National Register of Historic Places, was developed by four prominent local doctors – Cliff Sauls, Grady E. Clay, James E. Paulin and Malvern D. Huff – who saw the growing need for state-of-the-art medical offices in the city. It was also one of the first buildings to have a covered parking garage.