Last year, the Atlanta city council rezoned the tract on the provision that joint developers international hotelier Six Continents and Tampa, FL-based Hogan Group follow the initial site plan. This month, however, Six Continents asked the city to allow an alternative site plan that does not include the office tower.
The property is owned by a German partnership represented by Atlanta-based Coro Realty Advisors. Six Continents has contracted to buy the land, providing it is again rezoned to accept construction of just an Inter-Continental luxury hotel. Price for the land is estimated at between $10 million and $11 million.
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