Developer Moving Forward On New Buckhead Hotel: The Atlanta Deal Sheet
A Chicago developer is attempting to go vertical on a new extended-stay hotel in Buckhead.
Phoenix Development Partners applied for a new construction permit for a Home2 Suites by Hilton at 1875 Peachtree Road NE, according to an application filed with the city of Atlanta. Phoenix plans to develop an eight-story, 174-room hotel on a vacant parcel sandwiched between a dry cleaner and a Starbucks across from Piedmont Hospital.
The $25M project would span 101K SF, according to the permit.
The site was once a Harry’s in a Hurry store that was razed and served as a paid parking lot for several years, Urbanize Atlanta previously reported. An email sent to Phoenix was not returned as of press time.
But in a previous special administration permit application filed with the city, Phoenix described the extended-stay hotel as being “an integral part of the medical ecosystem in the immediate area” and “will help service patients and families of patients receiving care in the nearby medical facilities,” according to Urbanize Atlanta.
DEVELOPMENT
Centennial Yards Co. filed an application to develop a four-story hotel at 88 Elliott St., part of the CIM Group subsidiary's megaproject in the former Gulch site in Downtown Atlanta.
The $26.5M, 81K SF hotel is slated to break ground later this year, Urbanize Atlanta reported. The still-unnamed boutique hotel is slated to have 127 rooms and street-level retail.
***
South Korean biotechnology company JS Link plans to invest $223M to develop a 130K SF magnet production facility at the Muscogee Technology Park in Columbus, Gov. Brian Kemp announced this week.
The rare earth manufacturing plant is expected to produce 3,000 tons of magnets per year once it’s completed in 2027, according to a press release. The plant will employ more than 520 people and is JS Link’s second magnet plant. Its Yesan, South Korea, facility generates 1,000 tons of magnets per year.
Georgia Department of Economic Development Senior Project Manager Jacob Lee led incentive negotiations on behalf of the state and the Development Authority of Columbus in the deal, according to the release.
***
Sewon Precision Industry Co. is expanding its Rincon, Georgia, plant by 98K SF, the Atlanta Business Chronicle reported.
Sewon is set to invest an additional $50M into the $300M plant, which first opened in October. Sewon makes electric vehicle body parts for companies like Hyundai in the facility, which is expected to employ more than 700 workers.
***
The Worthing Cos. is looking to develop a 295-unit apartment project in Cobb County called Heights at Smyrna, the ABC reported. The proposal follows Worthing’s $12.3M purchase of land along the northeastern corner of Windy Hill Road and Dixie Avenue. The $80M project is slated to include a 30K SF civic building.
PERSONNEL
Grace Lewis has been promoted to associate at Patterson Real Estate Advisory Group after joining the firm in 2022 as an analyst. Lewis will be tasked with working more directly with capital providers and clients.
A graduate of the University of Virginia, Lewis started as a summer intern at Patterson and has been directly involved in closing $450M in debt and equity transactions during her career at the firm.
SALES
Stonemont Financial Group purchased a three-story, 60K SF medical office building from Northside Health System for $23M, the ABC reported.
Northside Medical Cumberland at 4298 Atlanta Road opened in 2022 near Wellstar Vinings Health Park. It will remain home to a number of Northside physician practices and services under Stonemont’s ownership, according to the ABC.
***
The Urban Redevelopment Agency of Gwinnett County approved the purchase of 11.5 acres and a vacant Sears store at the defunct Gwinnett Place Mall from Northwood Ravin for $11.5M.
The purchase is part of Gwinnett County’s efforts to redevelop the former mall. Northwood Ravin purchased the shuttered anchor space in 2018 from Sears for $11M, according to Gwinnett County records. The Sears deal is expected to close by the end of October, after which point the county will command 87.5 acres of the mall property, including the former Macy’s department store that Gwinnett purchased in 2024 for $16.5M.
***
Dallas-based Dalfen Industrial purchased 4975 Powder Springs Dallas Road, a 350K SF industrial facility in Cobb County that is fully leased to Leeman Architectural Woodwork, according to a press release.
Atlanta-based High Street Logistics Properties sold the warehouse for $31.1M, according to Cobb County property records. High Street purchased the facility in 2020 for $21.8M, according to records.
