Midtown's Master Mind Thinker Building Heads To Foreclosure
Midtown’s Master Mind Thinker Building might get a reprieve from the wrecking ball — its owner is close to losing the property.
Longline Financial has initiated a foreclosure auction on 1450 West Peachtree St., known as the Master Mind Thinker Building due to its distinctive mural, after developer Tenth Street Ventures, led by Brian McCarthy, failed to make payments on a $9M loan, according to a foreclosure notice.
The foreclosure auction, which was first reported by the Atlanta Business Chronicle, is scheduled for Wednesday on the steps of the Fulton County Courthouse.
The 0.7-acre L-shaped property sits near the nexus of Peachtree and West Peachtree streets. Tenth Street Ventures planned to raze the distinctive, 15K SF office building to make way for a 17-story apartment project that was to hover over the neighboring historic Winwood Apartments, McCarthy previously told Bisnow. His initial plan was to incorporate the Master Mind Thinker Building into the apartment project, but after community pushback, Tenth Street Ventures scaled back the size of the project and was instead gearing up to tear down the building in order to avoid needing a variance approval.
McCarthy declined to comment on the foreclosure through his spokesperson. Atlanta-based Longline didn't immediately respond to a message seeking comment.
Tenth Street initially planned for a $100M project that would have included 171 multifamily units, 141 hotel rooms, 5K SF of coworking space and 29K SF of retail. The initial plan faced community and neighborhood pushback with some members complaining the project would tower above Winnwood Apartments. Atlanta Preservation Center Executive Director David Mitchell previously told Urbanize Atlanta that Tenth Street Ventures' plans would “besiege” the Winnwood, one of the last remaining buildings in Atlanta built in a Georgian Revival-style.
It is unclear what the project's future would hold if Longline, which also has development capabilities, according to its website, takes control of the property in the auction.
