Strategically located in the heart of Downtown's historic Fairlie-Poplar District, the 16-story, 91-year-old building at 57 Forsyth St. already has sold 99 residential condos out of a total 118 units available. The residential condos take up the third through the 16th floors. The office condos will be on the second floor.
Ultima's total renovation investment will be over $1 million, Bauer tells GlobeSt.com. The first office condos should be ready for occupancy in October, according to Ullmann, founder of Ultima Holdings and principal of the ownership entity. "Commercial office condominiums have been good investments for owners and have given good return to developers of those condominiums," Ullmann says.
He is bullish on this project because "the historic Fairlie-Poplar area has seen strong revitalization during the past years." Located between Woodruff Park and Centennial Olympic Park, "the area is expected to continue to flourish with the upcoming opening of the new Georgia Aquarium and World of Coca-Cola venues," the developer says.
The proximity to the Georgia World Congress Center, CNN Center, Georgia Dome, Phillip's Arena, Georgia State University and Atlanta's government district makes the Healey Building's office condo project "a desirable location," Ullmann says.His associate, Bauer, adds, "Because office condominiums are a long-term investment, it is important that they are created in areas that will appreciate or retain their value." He calls the Healey Building "a prime location." The building is listed on the National Register of Historic Places.
"Small to mid-sized businesses find that office condominiums are particularly equipped to meet their needs," Bauer says. Business owners are "attracted to the substantial benefits that owning office space versus leasing office space provides, such as building equity, significant tax advantages and locking in a prime location."
The property also includes 38,000 sf of retail and restaurant space. "The building will offer residents the opportunity to live-work-play in the same building," Bauer says. Ultima Holdings is the controlling partner in the Carnegie Building and 55 Marietta Street, which are also located in the Fairlie-Poplar District.
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