The Atlanta Business Chronicle is reporting the W Downtown Atlanta Hotel & Residences has been officially foreclosed. The project has had it’s share of troubles since opening, selling a single condominium upon opening.
Now the question is what will happen to the condos and to Allen Plaza in the future.
With condo prices already low in many new Atlanta buildings, I hope we’ll see the W follow suit and resurrect itself to bring some much needed life into the building. Maybe we’ll see another auction take place. What ever the case may be, I’ll be here to let you know the story.
Great building, just bad timing. I’m also concerned about the whole Allen Plaza project, because while Buckhead and Midtown have been holding up the city for a while we really downtown to come alive for the city IMO to have continued long-term growth and success in attracting new residents and companies.
Very true Chris. It’s a fantastic building and the condos are very well done. You know I’m a big fan of modern. It should be interesting to see what will happen to Allen Plaza.
Raleigh has seen the same fate for several projects. The skyline looks great but too much empty space when you look closer. We just had a really affordable project in a great location fold and re-emerge as apartments. At least it’s being lived in now and met a new need.