Tuesday, July 15, 2008

Downtown Macy's sale finalized; shops, restaurants on the way

Posted By on Tue, Jul 15, 2008 at 8:03 AM

A local business group has finalized the sale on the bottom three floors of the Downtown Macy's building and will break ground on shops and restaurants early next year.

The 180 Peachtree Retail Group closed last week on nearly 185,000 square feet of space in the historic building that served as Davison's department store from the 1920s until 1985. Macy's scooped it up but ultimately shuttered its store in 2003.

180 Peachtree Retail Group plans to convert the ornate, historic department store into a lively multi-tenant retail complex to serve the retail needs of the growing office, residential, convention and tourist populations in Atlanta’s newly vibrant downtown. The partnership has hired Cushman & Wakefield, a national retail broker, to identify and sign tenants for the space.

“We are thrilled with the opportunity to restore one of Atlanta’s treasures,” said Robert Patterson, managing partner of 180 Peachtree Retail Group. “The Macy’s/Davison’s store is part of Atlanta’s great history, and we can’t wait to bring it back to life.”

The upper five floors of the downtown building were converted to offices several years ago and will remain as such, a spokesperson for the project says.

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