771 Spring Street Update
January 14, 2009

The building located at 771 Spring St. NW needs to be repaired and must be secured until the ultimate disposition of the property, which is under study, can be determined. It is believed to be in the best interest of the building and the community to secure the building according to the City of Atlanta Bureau of Buildings standards to prevent any further damage to the building pending a final decision on the future status of the property.

As previously reported, Georgia Tech has an interest in expanding its successful Technology Square development, not only on the block surrounding the 771 Spring St. property, but also the NE corner of Fifth and Spring Streets. Georgia Tech continues to study the highest and best use of these properties, including identifying funds and/or financing to move forward on such an expansion. The current unstable economic conditions pose challenges to this development activity.

The appeal hearing for the City’s denial of the Special Administration Permit (SAP) for the demolition of the building was originally scheduled for November 21, 2008. This hearing has been rescheduled for March 6, 2009.