News for the Hospitality Executive
|By Walter Woods, The Atlanta Journal-Constitution
Knight Ridder/Tribune Business News
Apr. 13, 2004 --Atlantic Station will add a second tower to its mini-city skyline, a 26-story hotel and condo high-rise to be built behind the new SouthTrust building overlooking the I-75/85 connector.
Developers Novare Group and Wood Partners, which built Metropolis in Midtown and plan 1,100 condos near Centennial Olympic Park, will build a single structure with 404 condos and 101 hotel rooms on 17th Street.
Construction should start by June, with a grand opening in the fall of 2005.
The hotel suites will be the first lodging announced for Atlantic Station, the 138-acre office, residential and retail village reclaiming an old Midtown steel mill. Atlantic Station's master plan seeks as many as three future hotels totaling 1,000 rooms.
The new tower, to be called Twelve, will also have a 5,000-square-foot ballroom, 10,000 square feet of retail space and a 5,000-square-foot restaurant, said Jim Borders, Novare Group's president.
"I'm very bullish on Atlantic Station, and we're excited to be part of it," Borders said.
Twelve will sit directly behind the four-story District area, Atlantic Station's entertainment and retail center.
Atlantic Station's first major structure, a 21-story office tower named 171 17th Street, sits on the other side of the District.
Birmingham-based SouthTrust is moving about 300 employees into the first five floors (or 95,000 square feet) of that building this spring. The tower will officially open May 12.
Law firm Arnall Golden Gregory will occupy 135,000 square feet of the SouthTrust building this fall.
Pairing condos and hotel rooms is a decades-old strategy hoteliers like Ritz-Carlton Hotel Co. and Four Seasons Hotels and Resorts have rediscovered, said Scott Smith, vice president of PKF Consulting, a hotel research company. Midtown's Four Seasons has about 100 condos and 200 hotel rooms.
Novare's Borders has formed a new company, Twelve Hotels and Residences, and would like to export the hotel/condo concept to other markets.
Twelve's hotel rooms, on the first six floors of the building, will look much like the fully equipped condos above and cater to Midtown business travelers, PKF's Smith said.
Novare and Wood have been on a development tear over the past several months.
Spire, a 28-story condo structure at 860 Peachtree St. in Midtown, broke ground last month. City Center, a 29-story Buckhead condo building at Piedmont Road and Peachtree Street, will break ground in September.
"Novare Group and Wood Partners are a proven success in the multifamily residential market," said Jim Jacoby, chairman of Atlantic Station.
"They have also been instrumental in reconnecting and reinvigorating some of Atlanta's most recognizable neighborhoods. Their first-class approach and cutting-edge product are just the type of developers we hope to attract to Atlantic Station."
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(c) 2004, The Atlanta Journal-Constitution. Distributed by Knight Ridder/Tribune Business News. SOTR, MAR, FS,