This Week's Atlanta Deal Sheet: Peachtree Eyes Dual-Branded Hotel At Atlantic Station
Prolific hotel developer Peachtree Group is planning two hotels for the price of one at Atlantic Station.
Peachtree filed a land development application with Atlanta to move forward on a dual-branded, eight-story hotel flagged by two Hilton Hotels & Resorts brands: Tapestry and Tempo. The hotel at 301 17th St. would include 283 rooms and a below-grade, three-level parking garage with 245 spaces, according to the application.
The site, sandwiched between the 271 17th St. office building and Twelve Midtown hotel, is where Peachtree proposed developing a seven-story SpringHill Suites last year, Bisnow previously reported. The SpringHill is out of the plans, at least officially, and Tempo and Tapestry are in.
“We’re reevaluating the site to see what makes the most sense given the current economic environment,” Peachtree CEO Greg Friedman told Bisnow. “It may very well be a SpringHill Suites brand there. We’re open to all options.”
Friedman said the firm is in the design phase of the planned hotel but that “there is a path to break ground at the beginning of next year.”
In 2019, Peachtree proposed a dual-branded, two-building hotel on the spot, What Now Atlanta reported at the time. It filed to build a SpringHill Suites by Marriott and a Tapestry Collection by Hilton on the 1-acre site it purchased in 2018 for $3.75M.
DEVELOPMENT
GF Casting Solutions AG, a division of Swiss-based Georg Fischer AG, Schaffhausen, has agreed to develop a $184M manufacturing facility in Augusta, one that will make way for 350 new jobs in the Middle Georgia region, Gov. Brian Kemp announced Friday.
GF Casting makes aluminum, magnesium, iron and superalloy parts for vehicles, aerospace, energy and industrial products. Called a high-pressure die casting facility, the plant will be located at Augusta Corporate Park, with plans to open operation in 2027, according to Kemp's office.
Georgia Department of Economic Development Associate Director Virginia Sengewald and Project Manager Caroline Knowles spearheaded the incentive talks with the manufacturer.
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Georgia homebuilder Liberty Communities is planning a single-family senior housing project with 226 homes and 201K SF of commercial space called the Villages at Ola in Henry County, according to an application filed with the Georgia Department of Community Affairs, which assesses proposed developments that have regional impacts on infrastructure. Liberty plans to deliver the project in 2028.
LEASES
Insurance giant The Travelers Cos. plans to open a 2,800 SF technology hub at the Coda tower in Midtown, the Atlanta Business Chronicle reports. Travelers plans to employ 70 people at the location, focused on engineering, artificial intelligence and data science.
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Atlanta-based AssuranceAmerica Corp. signed a 25K SF, full-floor lease at Galleria 100 for its headquarters, Bisnow reported. The insurance company signed a 10-year lease to relocate from a 19K SF office at RiverEdge One at 5500 Interstate North Parkway.
Colliers Senior Vice Presidents Fred Sheets and Andrew Walker represented the insurance company, while JLL Executive Managing Directors Adam Viente and Jeff Bellamy worked on behalf of the landlord, Piedmont Office Realty Trust.
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Helium Comedy has leased 12K SF at the Terraces at Windward Plaza shopping center in Alpharetta. The complex is owned by Selig Enterprises, which will develop the new entertainment facility for Helium. The venue will have capacity for up to 425 people and a second showroom that seats 100, according to a press release.
Pollack Commercial Vice President Michael Dinerman represented Helium, while Colliers senior associate David Martos brokered the deal for Selig.
The federal Nuclear Regulatory Commission renewed its 54K SF at the Marquis I tower in Downtown Atlanta’s Peachtree Center, keeping the office it has had since 2009. Architectural firm Robert and Co. also renewed 16K SF in the Tower 229 building of the center. Savills Vice Chairman Andy Lechter and Corporate Managing Director Tom Kubis represented Robert and Co.
Peachtree Center had been owned by Banyan Street Capital, but it was taken over in foreclosure in 2022 after the Miami-based investor defaulted on a $115.3M CMBS loan. Special servicer SitusAMC initiated the foreclosure on behalf of the CMBS trust, which still owns the loan, according to Fulton County property records.
Transwestern Senior Managing Directors Chip Roach, Stephen Clifton and Zach Wooten represented building ownership in the leases.
SALES
Oakhurst Capital Partners has purchased a six-industrial-building, 133K SF complex at 485 Buford Drive and 360 West Pike St. in Lawrenceville from two LLCs tied to The Zeist Foundation family office in Atlanta, according to state records.
The purchase price was $8.2M, according to Gwinnett County property records. Lee & Associates Executive Vice President Joseph Mullican and principal Mark Thomas brokered the sale.
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An unidentified investor paid $8.4M for Jones Bridge Triangle, a 33K SF retail center off Jones Bridge Road in Johns Creek. The last registered owner of the site was Jones Bridge Triangle Shops LLC, which paid $5.4M for the strip center in 2022, according to Fulton County records.
Marcus & Millichap senior associate Eric Abbott and Senior Managing Director Zack Taylor brokered the sale.
