The property that was initially planned to become the Trump Towers Atlanta now has a new fate, according to Atlanta Biz Journals which has reported that AMLI has purchased the land and is planning a Midtown high rise apartment project. The land is approximately 1.8 acres and it is located on the corner intersection at 15th and West Peachtree Streets, a lot that sold for $7 million. That price breaks down to about $91 per square foot, or less than $4 million per acre. Atlanta commercial real estate trends show that’s not the lowest in the area but it is still a great deal.

According to early discussions with contractors, the property could be 20 to 30 stories high, though other details for the project remain unknown. The development group will present their proposal to the Midtown Development Review Committee in the coming weeks. Apartments and condos are popular projects throughout the nation, and Atlanta is no different, with apartments sliding into the lead position. This AMLI development will be the fifth high rise to go up in the neighborhood in 2014 so far.