ATLANTA-AMLI Residential has acquired the site that at one time was to be home to Trump Towers Atlanta for $7 million.
The Chicago-based multifamily developer purchased the nearly two-acre site at 15th and West Peachtree streets from General Electric Credit Equities Inc., according to the Atlanta Business Chronicle
AMLI paid less than $4 million an acre, to buy the former Trump Towers site, according to Databank Inc., a real estate sales tracking firm.
"That's not a bargain, but it's a good price by today's values," Databank founder Alan Wexler said.
Although AMLI executives in Atlanta have not divulged plans for the property as yet, the newspaper reports that contractors have been recently pricing a project that would involve between a 20 to 30-story building. See story in the Atlanta Business Chronicle.
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