Atlanta real estate investor and developer Dewberry Capital now owns Midtown’s 1400 Peachtree, where InterContinental Hotels Group Plc InterContinental Hotels Group Plc Latest from The Business Journals Schinnerl comes back to Ritz Buckhead as GMKinsell takes over IHG Americas divisionNew WNBA president aims to boost audience Follow this company once planned to be part of a skyscraper that could have risen up to 70 stories.

An affiliate of Dewberry Capital Corp. Dewberry Capital Corp. Latest from The Business Journals Lowe’s Cos. mulls big project in Floyd CountyM package helped to sell Morris ManningMorris Manning to leave Buckhead Follow this company , Dewberry 1400 Peachtree LLC, bought the nearly 1.7-acre site for $6 million, according to Fulton County records. The transaction closed June 27.

The seller was United Community Bank, which had foreclosed on the property in January for $12 million, according to Databank Inc. The site fetched $17.7 million in 2006.

Atlanta-based developer Shailendra Group LLC and the New York office of architect Skidmore Ownings & Merrill LLP had reached the design phase on 1400 Peachtree at Peachtree and 17th streets. One concept had 1400 Peachtree eclipsing the 55-floor Bank of America Plaza as the tallest building in Atlanta. Another resembled the dual-towered Time Warner Center.

That was September 2008. Soon after came the financial meltdown.

The economy slipped deeper into recession, construction lending froze, Atlanta’s legal and financial sectors shed jobs, and plans for 1400 Peachtree never went forward.

Dewberry Capital, though, has managed to maintain momentum, despite a few setbacks.

It worked with State Bank & Trust to restructure the debt backed by One Peachtree Pointe, after losing anchor tenant Seyfarth Shaw LLP to Daniel Corp. Daniel Corp. Latest from The Business Journals Regent, Pope & Land team up on new Buckhead projectBaltimore Ravens cancel training camp in WestminsterVan Epp leading candidate for Crescent CEO Follow this company ‘s and Selig Enterprises Selig Enterprises Latest from The Business Journals Regent, Pope & Land team up on new Buckhead projectVan Epp leading candidate for Crescent CEODaniel Corp. plans 22-story Atlanta project Follow this company ‘ 1075 Peachtree tower. Dewberry Capital also spent the past three years expanding its Midtown real estate holdings, with 1400 Peachtree becoming its latest example.

It purchased the tracts at such a low price that if Atlanta’s job growth improves next year it could be one of the first Midtown developers to launch a building.

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