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HOTEL PLAN STILL ALIVE

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HOTEL PLAN STILL ALIVE
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.
 
HOTEL PLAN STILL ALIVE
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.
 
 
HOTEL PLAN STILL ALIVE
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...