The city has set up a citizens group, headed by SunTrust Bank executive John Spiegel, to review strategies for new development at the lot. Central Atlanta Progress is also studying concepts to improve the area surrounding the lot. But one of the hurdles any task force will have is working around the controlling interests of the property, brokers intimate with the site tell GlobeSt.com.

The city owns the lot but local developer Charlie Ackerman has an exclusive 50-year lease on the property. Ackerman also has a renewal option for another 49 years. Brokers tell GlobeSt.com Ackerman is working with the city and several other groups to determine the best use for the property.

In 1986, the developer had planned to build five office buildings, a 300-unit residential tower and a 300-room hotel on the lot. But the only development that surfaced was a joint venture between Ackerman and Post Properties on an apartment building.

Now Ackerman is planning 1,000 apartment units and high-rise condos, an undetermined amount of office space and a parking garage for the lot, brokers following the project tell GlobeSt.com.

Under the contract the developer has with the city, Ackerman pays the city $23,000 an acre rent annually for the lot. The city gets a percentage of revenue on any new development built on the site. If Ackerman's latest proposal is completed, the city would receive about $3.5 million in annual revenue, brokers who have followed city commission hearings tell GlobeSt.com.