Atlanta Developer Proposing 15-Story Hotel, Apartment Tower In Midtown
Atlanta developer Tenth Street Ventures is planning to build a true mixed-use tower on West Peachtree Street in Midtown.
Tenth Street has filed plans to develop a high-rise that would include 171 multifamily units, 141 hotel units, nearly 5K SF of coworking space, and 29K SF of commercial, retail and restaurant space, according to a special administrative permit filed Tuesday.
Tenth Street principal Brian McCarthy told Bisnow in an interview Wednesday the firm plans to spend roughly $100M developing the 15-story tower, which would have apartments on the lower floors with short-term and medium-term hotel units at the upper floors.
The development is slated for the L-shaped, 0.7-acre site at 1450 West Peachtree St. where the 15K SF Master Mind Thinker Building sits. The developer plans to retain the Master Mind building and convert it into a café and lobby for the apartment and hotel at the street level with the two additional levels to be used for commercial purposes with rooftop seating, according to the application.
This isn't Tenth Street's first foray into true mixed-use, single-building development. The firm operates this hybrid model at Studio9Forty across from Piedmont Park as well at its Motif redevelopment in Lenox Park.
Last year, Tenth Street, Alexander Goshen and ARRC Capital Partners purchased 20 apartment units at 1200 Mobile St. in the Hunters Hill neighborhood to convert them into affordable housing units, What Now Atlanta reported.
McCarthy said he plans to incorporate some affordability into the West Peachtree Street project as housing options for low-income Atlantans dwindle, including extended-stay motels.
"These extended stays continue to disappear," McCarthy said.
The firm expects to break ground on the project, which includes a parking deck, in 12 to 18 months, McCarthy said.