Trammell Crow Subsidiary Looks To Take Over Opus Place Site
The site once slated for the tallest residential tower in the Southeast is on the path to new ownership with a prominent developer.
High Street Residential is under contract to buy 98 14th St., the Atlanta Business Chronicle reported, citing anonymous sources with knowledge of the deal. The infamous 4-acre parcel in the heart of Midtown languished for years as New York developer Olympia Heights Management aspired to develop a luxury condominium project called No2 Opus Place.
The potential sale comes five months after Miami-based Benmark Capital foreclosed on a $40M loan held by Olympia Heights, an amount nearly twice what the New York-based developer paid in 2014 for the land across 14th Street from the Four Seasons Hotel Atlanta.
Benmark was a minority partner on the loan, and Atlanta-based Peachtree Group, as the majority investor, took back the loan in foreclosure last year.
Peachtree Group CEO Greg Friedman confirmed to Bisnow that his firm holds title to the property and is under contract to sell it, but he declined to identify the buyer.
Olympia Heights held a high-profile groundbreaking ceremony at the site in 2017, initially promising a three-tower mixed-use project. Ultimately, it scaled back plans to a 53-story luxury condo tower with 200K SF of offices and reaching 730 feet, which would make it the tallest residential building in the Southeast. Despite numerous claims that construction was imminent because of high levels of presales, Olympia Heights never broke ground.
Instead, Olympia Heights continued to refinance and increase its debt on the property until it secured a $40M bridge loan from Benmark in August 2022.
Olympia Heights is run by Shaya Boymelgreen, a New York developer who was at one point banned from selling condos in his home state.
The ABC reported that High Street may pursue a multifamily project on the parcel, which is zoned to allow up to 1,800 units. Just this past week, High Street announced plans to develop the Residences at Perimeter Summit, a seven-story, 350-unit wood-framed apartment project at 5005 Perimeter Summit Blvd. in Central Perimeter, scheduled to open in the fall of 2026.
