Uncertainty has hung over the Omni, a $100 million, office-hotel-retail megastructure since 1978. Omni International restructuring gives Cousins' vision new life By TOM WALKER uncertainty that bad hung over the f 100 subsidiaries of two real estate development Journal SWf -* million, office-hotel-retail megastructure companies: Cousins Properties Inc. of It is the year 2000. En route from Tal- since 1978, , headed by Cousins as chairman lahassee to Cincinnati, you find yourself "Omni International is only a partially and chief executive officer, and Daon with several boors to kill between planes at developed property," said Cousins. "It Development Corp. of Vancouver, British Atlanta's Hartsfield Airport. What, you ask came on stream during the depths of the Columbia, a publicly-owned real estate yourself, can you do with that time besides (1873-75 real estate) depression, and was firm with assets in excess of II billion. park on an airport bar stool? never finished." After the restructuring, what does the The answer, says Atlanta real estate Indeed, when plans for Omni Interna- future hold for Omni International and the developer Thomas G. Cousins,.is obvious. tional were first announced in 1972, the rest of '' The key is what Take the MART A train downtown, enjoy mixed-use structure was characterized as Cousins refers to as "the critical mass" of lunch or dinner at a hotel restaurant or in toe first stage in the unfolding of a master people who make up the downtown market- a revitalized , or shop plan for the air rights over downtown place: "The daytime ^private and govern- in a department store or one of several re- Atlanta's "railroad gulch" — more than 25 ment office) population that works down- tail malls, or go to a movie or even to the acres between the First National Bank town, the convention industry and the arts tenter, and return to the airport in Tower and the World Congress people MART A will bring in." plenty of time to catch the outbound plane. Center Cousins said plans for" OmniSouth, a By the end of the century, says Cous- With the financial restructuring, Omni projected $265 million retail link between ins, a potential market of close to 40 mil- International has survived its close call Omni International, Rich's Department lion downtown visitors a year will be with toe bankers, who twice waved the Store and the Five Points MARTA station, created at the airport — plane changing foreclosure stick over the development in are on hold awaiting a second anchor de- travelers just waiting to be lured via a J 0- 1978. partment store tenant ("Two companies minute MART A ride to the Central Busi- And while a substantial amount of va- are intensively investigating it now," Cous- ness District to while away their time be- cant space remains in the two office build- ins said). tween flights. ings and some retailers have moved or Plans are also being made to expand vKC£2r»4rJ«st-'®s3 affrsdlssMB gm-mtt ct->fts5ases, Oesaf tateraatio&al the <71-room Omni International Hotel Cousins' larger vision of downtown Atlanta saiatotaed oae of witte *- -combination of rooms in a new in the future: A marketplace for people toe city's highest occupancy rates. The ad- structure, and also by converting some of served by office buildings, retail stores, vent of MART A and an aggressive market- the space in Omni International's north of- hotels, entertainment establishments and ing campaign last year boosted sales by fice building to hotel rooms. public places for education or leisure time. Omni International retailers 24.5 percent in Cousins believes MARTA's contribu- ^fhat is also the vision of downtown 1980 (by 83 percent at eating establish- tion to the downtown "critical mass" will Atlanta that has underpinned Cousins' faith ments). said Cousins. be greater than most people are anticipat- in the future of Omni International, his Basically, a new corporation was ing. "This is the only transit system in the most spectacular, if controversial real es- formed to buy Omni International from its country where the lines converge down- tate development. __ original owners (a Georgia limited partner- town, unlike the others which are loops. Omni International passed a critical ship) and to pay off the bank debt in a set- This is an opportunity for retailers and landmark over the weekend when it was tlement valued at $47 million. service industries. I am more confident and restructured financially, paying off its out- The new owner, known as Omni Ven- sure of the future (of downtown) than I've side bank creditors and removing the tures, is a joint venture between ever been," he said. VwmyWO Oy W2 This is what you see when you head down the escalators into MARTA's Omni station: a massive, ornate frieze from the old Atlanta Constitution budding facade Swaatou Hone An 1830s bouse owned by a Decatur sawmill family bas MARTA Continued from 1E been restored by the DeKalb Historical Society. Tout» require a caU to the society at 373-1088 several days In advance. The nearby Mary Gay House, an l«50s structure, is still being re- Fast food is available along facing the park There are hamburgers, Mediterranean dishes (11.29 for a Directions: Exit to Courthouse Square and McDooough Greek salad. $1 93 for a Gyro sandwich at Shipfeifer's), and s Street, go one block to Trinity Place, turn right, go three "natural" selections (50-cent hooey bean pies and 40-cent cider) blocks, under MART A overpass, and go one more block. at the elegantly bulbuous Georgia Law Center one block up Sycamore Street Directions Exit to Peachtree Street, turn left on Peach- Well-proportioned Decatur Presbyterian Church and a tree. go 1/2 block to Marietta Street, cross Peachtree to the block of mostly municipal buildings are the gate to a neighbor- park hood of graceful homes. Alabama Street Shop* Greek Revival and Victorian have the upper hand, though Try a trip to a couple of fast food shops, one old and one there are occasional modernisms, some of them Jarring. The new squat Saxon lines of the First United Methodist Church's chapel Follow your none to the Planters Peanut Store. The nuts add an old English note From Columbia Drive intersection, cost from 70 cents a half pound (Virginia peanuts) to 84 50 a you can see MARTA trains dip into the tunnel that goes under half pound (macadamia Buts from Hawaii! Cashew* and pista- some of Decatur's nicest homes chios are hard to find even here, thanks to Iran and Afghanis Directions: Exit to Church Street and walk straight ahead tan There are low-priced lunch counter food and a lew high- on Sycamore. You can keep walking to Avondale Station, the priced nostalgia items like Mr Peanut banks. Monday through end of the East Line, or turn back if another half-mile sounds Saturday, 7 a m to 7 pm A couple ot doors down. Burger King competes for a de- like too much. signer prize with its MARTA trtcotors on the first floor, a (Wl> plastic recreation of an old railroad stop on the second There Omni International are wrought Iron" rails and globe lamps Monday through Indoor-world glitter on a global scale, this high-rise Friday, « a m to 8 p.m. Saturday, 7 a m. to 8 pm, Sunday, atrium has a bookstore (Rizzoli's) that sells newspaper* from 11:30 a m to 8 p.m Milan and Disney magazines from France. A Tater Toppings on Directions Exit to Peachtree Street, turn right on Peach- the concourse sells spuds with toppings like chicken a la king or tree Street, go 1/2 block, croas Peachtree seafood newburg (f I SO per potato) One big candy counter .of a Undergrunnd Atlaata store (Feodora's) where the cigarettes are Dunhiiis and the Like yesterday s love song this core-bustling center of candy is European. At the Magic Shop, crystal balls start at eating and entertainment lingers. Is this a new beginning or the $22 Dozens of shops, with a restaurant between every «ne. it ultimate end? seems Dante's Down the Hatch and Grecian Gardens are among directions; Exit station, walk 1/2 block" past the Omni the more vigorous hangers-on at lunch and dinner Now that arena. — MARTA has chopped its way through and finished patching up. Georgia World Coagress Center the area a neater, and the street creeps are gone. The Southeast's world-class convention center has sights Directions Approach Peachtree Street exit but turn right for occasional passers-by as well, Try elaborately electronic at toe Underground Atlanta sign inside the nation, and take the displays from Georgia-Pacific Corp., and bigtime nostalgia lighted stairway to Underground from Coca-Cola (when was the last time you saw a red Coke Atlaata Newspapers'Exhibit radio?) They and others are one level down from the entrance. Decades erf Atlanta news papering are on display, from hi- Drop one more level to enter the exhibit halls — if they'na open larious headlines marking President McKinley's melodious and if convention officials will let you in. Otherwise^Jry a passing to Mart Trail comic stnpa, Ralph McGlll columns and glimpse through the glass panels that line the floor abovef Margaret Mitchells desk from the Sunday magazine office Directions: Exit station, walk 1/2 block to combflation where the author once worked Monday through Friday, 8 am street-walk and ramp, cross, enter center under steel rafters to 5 p.m. # ASHBY STATION