Downtown’s former Regenstein’s store to get $20 million renovation
By Douglas Sams – Commercial Real Estate Editor, Atlanta Business Chronicle
Oct 26, 2018, 7:37am EDT
Former downtown Atlanta department store Regenstein’s is getting a $20 million makeover that will turn the Art Deco building into a possible destination for creative class companies.
It’s the latest in a wave of adaptive reuse projects across the city.
The nearly 100-year-old building was once known as Regenstein’s, a women’s fashion emporium that joined dozens of other stores and shops on Peachtree Street. New York’s Marx Realty bought the building at 207 Peachtree Street in 1954 when downtown’s retail sector was still vibrant.
Marx Realty hasn’t done anything significant to building since then. It may have continued sitting on the property, but something changed two years ago. Post Properties announced it would break ground on its first downtown apartment building in almost 50 years.
“That’s when we knew this was going to become a neighborhood again,” said Marx President and CEO Craig Deitelzweig.
Marx will rename the 48,000-square-foot property “The Department Building.” It’s keeping the charm of the historic building including 18-to-20-foot barrel-vaulted ceilings and terracotta walls. It’s also restoring the old brick and bringing the front of the building closer to the street.
The property stands between downtown’s signature towers and mixed-use projects including the Westin Peachtree Plaza, One Ninety One Peachtree and Peachtree Center. A new rooftop amenity will offer views along Peachtree Street.
Architect ASD|SKY is leading the redesign.
A Jones Lang LaSalle Inc. of Jeff Bellamy and Liz Koteles is overseeing leasing efforts.
“The Department Building” will be marketed to a creative class company seeking access to MARTA and the surrounding stores and restaurants. The project could be finished by next spring.
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