HOTEL PLAN STILL ALIVE
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|Atlanta's commercial real estate market appears to be waking from its summer slumber. For proof, we headed downtown, where plans for a huge hotel are back in action after two years of dormancy.|
|We snapped this parking lot at Forsyth and Luckie streets yesterday after hearing that Toyoko Inn Co. still plans a large hotel with small rooms on the postage-stamp lot. In April 2008, Toyoko Atlanta Inn paid a whopping $3.9M for the lot and soon after filed plans for a 40-story hotel that would open this year. The 861-key (do you like our hotel lingo?) would average 200 SF/room. Things went quiet after the initial filing as the real estate recession choked financing for such projects.|
|You can see the site remains a parking lot just across Forsyth from the Equitable Building. But that should change, soon, according to yesterday's Wall Street Journal. In a story about Toyoko?s plans to enter the US market, a Toyoko executive said the company would start a hotel in Queens, NY, then move forward with hotels in Chicago and Atlanta. The latest plans call for a 700-room hotel on this site—smaller than originally planned but larger than the one planned for Queens (640 rooms). Not that it's a contest...|