Holder Scraps Plans for Downtown Telecom Hotel; Goes for 700-Space Parking Garage

ATLANTA-A market glut of telecommunications facilities is forcing the developer to change course and raze the landmark Ivan Allen Building. Parking is more valuable than telecom space, the developer figures.

By Judith Schonbak | February 27, 2001 at 01:01 AM

Holder didn't have a ground-breaking date, estimated cost of the project or completion date.

According to local brokers, demand for telecom space in center city has diminished substantially over the last 10 months. Just 25% of the estimated three million sf of telecom space was occupied at year end 2000, brokers say.

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