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Expansive Seniors Housing Community Planned for Iconic Presidential Tower in Atlanta

Peacock Partnership Acquires Landmark Circular Tower Along Atlanta's Perimeter, Will Redevelop Into One of the Largest Seniors Housing Communities in Metro Atlanta
June 6, 2018
Atlanta's iconic but forgotten circular tower on the Perimeter has been sold to a local group that plans to convert it to a seniors housing community.

Peacock Partnership closed on the 15-story, 165,000-square-foot Presidential Tower at 4001 Presidential Parkway at Interstates 285 and 85, also known as Spaghetti Junction. Peacock plans to convert the former hotel space into one of the largest seniors housing communities in metropolitan Atlanta.

Greystone Brown Real Estate Advisors, which represented the seller, Hays Financial Consulting, announced the sale Wednesday. Terms of the transaction were not disclosed.

The sale means Presidential Tower, which went from being a local landmark to an irritating eyesore to its neighbors, will be reborn.

Taylor Brown, director at Greystone Brown, said the transaction took five years to negotiate with the individual condominium owners at Presidential Tower. Brown said converting the building to in-demand seniors housing will be good for the community. "This property will once again be a shining beacon for those traveling through Spaghetti Junction in Atlanta," he said.

Built in 1973, the circular structure drew immediate attention and inevitable comparisons to the Capitol Records Building in Hollywood. For years, it operated as the Presidential Hotel and then as the Presidential Boutique Condotel when some units were sold as office condominiums.

But the building fell into disrepair after its owners fought over paying bills and government fines. It's been vacant for several years.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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