771 Spring Street Statement

The Georgia Tech Foundation, working in support of the Georgia Tech master plan, purchased the property located at 771 Spring Street in December, 2007, as part of the Institute's long-term plan for the expansion of Technology Square. After a renovation assessment, the Foundation determined that it was not economically feasible to bring the building to the standards required by state and federal building codes including disability access. At that point, an application for a demolition permit was submitted.

Many would like to know what future development the Foundation has planned for the property. The Foundation also purchased the adjacent property located at 756 West Peachtree Street in February, 2008. Our desire is to expand Technology Square on these two properties.

The Foundation is absolutely committed to meeting the requirements of the permitting process including meeting with various agencies, organizations, and community groups to facilitate open dialogue. We will also be studying whether or not it is feasible to preserve any portion of the building for future development of the property.

As good citizens of the mid-town community, we will follow the same inclusive process for development on these properties as we did for Technology Square. At this point, we are not sure what the development will be. However, when we get closer to developing our plans, we will, of course, have discussions with government officials and community organizations and leaders to hear their views.