Report: Dewberry takes full ownership of stalled Campanile building in Midtown
Developer John Dewberry has regained full ownership of the long-stalled Campanile building in Midtown after a lender released its interest in the property, according to a report by Bisnow. A quitclaim deed filed in February in Fulton County transferred title from ACORE Capital, which held a $75 million loan on the property, back to an […] The post Report: Dewberry takes full ownership of stalled Campanile building in Midtown appeared first on Rough Draft Atlanta.
Developer John Dewberry has regained full ownership of the long-stalled Campanile building in Midtown after a lender released its interest in the property, according to a report by Bisnow.
A quitclaim deed filed in February in Fulton County transferred title from ACORE Capital, which held a $75 million loan on the property, back to an LLC controlled by Dewberry.
The filing removes the ACORE mortgage from the 20-story, roughly 446,000-square-foot tower at 14th and Peachtree streets. Neither Dewberry nor ACORE Capital responded to Bisnow’s requests for comment.
In June, the Atlanta City Council approved a resolution directing the city to pursue blight tax penalties against Dewberry.
The property has been under scrutiny as Midtown residents have complained about the unfinished construction, which led to the city issuing a safety warning.
After the city posted the safety warning on the site in May, Midtown residents began circulating a petition, which has gained over 3,500 signatures, asking city officials for transparency and swift action.
Earlier this month, a car accident caused scaffolding at the site to collapse onto 14th Street, raising additional safety concerns.
Dewberry purchased the building in 2010 for $36 million and announced a major redevelopment in 2017 that included replacing its exterior with a glass facade. In 2022, he rebranded the project as The Midtowne and proposed adding six stories and expanding retail and office space.
The post Report: Dewberry takes full ownership of stalled Campanile building in Midtown appeared first on Rough Draft Atlanta.
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