GWCCA buys Metro Chamber building for $10.5 million

The Georgia World Congress Center Authority has bought the Metro Atlanta Chamber for $10.5 million, the state agency said Tuesday.

The Authority, which made the purchase March 23, wants the land the chamber sits on to expand the greenspace of the 21-acre Centennial Olympic Park in downtown Atlanta.

The Metro Atlanta Chamber building in downtown Atlanta will be demolished to more greenspace to Centennial Olympic Park.

The Metro Atlanta Chamber building in downtown Atlanta will be demolished to make room for more greenspace to Centennial Olympic Park.

The move is part of a $25 million plan the GWCCA has to make the park a bigger downtown attraction and to open up Centennial to views of the College Football Hall of Fame and the Marietta Street door of the Georgia World Congress Center convention facility. The chamber’s building partially blocks those views.

The Authority’s park improvements also include opening a restaurant, adding more open space for concerts and festivals and upgrading the Olympic rings water feature and the property’s winding reflecting pool.

The Woodruff Foundation in November said it will donate $10 million toward the project. And earlier this month Centennial officials relaunched the “Adopt-A-Brick” program that was used to help pay for the park, which was created as a result of the 1996 Summer Olympics.

A rendering of what Centennial Olympic Park would look like if the Metro Atlanta Chamber building is removed. The Georgia World Congress Center Authority, which oversees Centennial operations, wants to buy the chamber building to open up the park.

A rendering of what Centennial Olympic Park would look like if the Metro Atlanta Chamber building is removed. The Georgia World Congress Center Authority, which oversees Centennial operations, wants to buy the chamber building to open up the park.

The chamber building, which sits on less than an acre tract at the intersection of Centennial Olympic Park Drive and Marietta Street, has been appraised at about $2.5 million, according to Fulton County Assessors Office. The lion share of that value is for the land at about $1.9 million.

Chamber officials are expected to stay in the building for next nine months to a year, the GWCCA said Tuesday. Chamber officials are seeking new digs in downtown or Midtown Atlanta.

 

Reader Comments 0

2 comments
Tcope
Tcope

Because tax value and real market value are two different numbers.

Rob_O
Rob_O

Why did the GWCCA pay $10.5 million for a piece of property valued at $2.5 million?