This Week's Atlanta Deal Sheet: W.D. Grant Building Going Hotel
Owners of the W.D. Grant Building have taken the first official step to convert the historic Downtown Atlanta office building into a new hotel.
Bluelofts and Wolfe Investments filed an application to begin converting the third through 10th floors of the 143K SF building at 44 Broad St. in downtown from offices into hotel rooms. Bluelofts and Wolfe purchased the circa 1898 tower earlier this year with plans to convert much of it into a yet-to-be-branded hotel.
The developers also plan to restore masonry, paint the first-floor storefront and add a hotel drop-off lane in front of the building, according to the permit filed on April 18. The developers plan to build 165 hotel units.
DEVELOPMENT
Banyan Street Capital and its partner, Oaktree Capital Management, filed an application with Atlanta to convert the 40th floor of the iconic 191 Peachtree Tower into speculative office suites.
The scope of the work consists of new interior partitions and glass panels, millwork and new finishes throughout, according to the application. Banyan Street is spending $750K on the work to convert 8,300 SF. The 1.2M SF building is losing Deloitte as a tenant, with the consulting giant exiting its 262K SF to move to Promenade Tower.
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Atlas Real Estate Partners and FIDES Development are breaking ground May 2 on a $70M mixed-use project in Chamblee called The Hawkins. The project at 3300 Hood Ave. will comprise 192 apartment units and 15K SF of amenity and commercial space, including a fitness center, coworking space and a rooftop sky lounge overlooking DeKalb-Peachtree Airport.
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Anchor Health Properties is launching a $2M renovation of The Pavilion at Windy Hill, a 90K SF medical office building at 2550 Windy Hill Road in Marietta. Improvements include a new driveway and patient pickup canopy, upgrades to the facade, and improved HVAC and elevator systems, all of which are scheduled to be completed by spring 2024.
Transwestern Senior Managing Director Steve Hall, Managing Director John Lopez and senior associate Bo Stuart have been tapped to lease the project.
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Hillwood Industrial Properties is seeking a green light from state regulators to develop a $69M, 862K SF distribution facility called Hillwood Poplar Road Industrial in Coweta County. The developer plans to add truck courts, employee parking and other infrastructure, according to the application, with delivery scheduled for 2026.
SALES
InterCapital Group purchased The Columns at Paxton Lane, a 296-unit apartment complex in Lilburn, from ECI Group for an undisclosed sum. The property was appraised at $52.3M earlier this month.
Cushman & Wakefield Executive Vice Chairman Mike Kemether, senior associate James Wilber and senior financial analyst Megan Turner brokered the sale. ECI developed the property in 1996.
