Strategically located in the heart of Downtown's historicFairlie-Poplar District, the 16-story, 91-year-old building at 57Forsyth St. already has sold 99 residential condos out of a total118 units available. The residential condos take up the thirdthrough the 16th floors. The office condos will be on the secondfloor.

Ultima's total renovation investment will be over $1 million,Bauer tells GlobeSt.com. The first office condos should be readyfor occupancy in October, according to Ullmann, founder of UltimaHoldings and principal of the ownership entity. "Commercial officecondominiums have been good investments for owners and have givengood return to developers of those condominiums," Ullmann says.

He is bullish on this project because "the historicFairlie-Poplar area has seen strong revitalization during the pastyears." Located between Woodruff Park and Centennial Olympic Park,"the area is expected to continue to flourish with the upcomingopening of the new Georgia Aquarium and World of Coca-Cola venues,"the developer says.