Style™
October 3rd, 2004, 07:38 PM
http://garnet.acns.fsu.edu/~bmo02c/stregisbuckhead.jpg
St Regis will be around 28 story's and the address is on West Paces Ferry at a very high point, that has an amazing view of Midtown and Downtown.
St. Regis is a very strong five-star brand, and a typical attribute of luxury hotels is that they tend to be smaller and more intimate," Woodworth said.
Plans for the new St. Regis call for 450 hotel rooms with 85 to 150 residential condominiums on the upper floors. Room rates would be in line with prices charged by the Four Seasons or the Ritz ($300-$500 per night and up), Levenson said.
With an estimated 65,000 out-of-towners visiting Atlanta on any given day, Woodworth said luxury Buckhead hotels have a "very good shot" at selling enough rooms to make new developments worthwhile.
Furthermore, because of its reputation and proximity to high-end shopping, Buckhead hotels traditionally have demanded the highest room rates in the city and have consistently filled up their rooms, Woodworth said.
"Our expectation is that once the economy gets stronger and group meetings and business meetings come back, more people are going to be looking at luxury development opportunities in Buckhead," Woodworth said.
The 4-acre property was acquired in 2001 by a group called Buckhead Plaza Land Trust, which includes Atlantans Jim Cowart and George Berkow of Atlanta-based development firm Jim Cowart Inc. and Florida attorney and office developer John Meshad.
An earlier legal quarrel over parking stalled the project for several months, but the owners reached an agreement with One Buckhead Plaza owners CB Richard Ellis Investors to lease up to 1,300 parking spaces in the existing deck for the office tower, Levenson said. The hotel owners will build a smaller dedicated parking garage beneath the hotel.
In addition to hotel rooms and condos, the St. Regis hotel will have a 32,000-square-foot ballroom and two restaurants, one facing West Paces Ferry and the other located further inside the hotel facing an outdoor plaza.
Buckhead Plaza Land Trust officials hope to break ground on the property this fall, with an 18-month construction cycle and an opening possibly as early as 2005. So far, the development group has invested about $35 million in the project, Levenson said.
"We are anxious to get moving, and the priority is to get this project started," Levenson said. "Atlanta will finally have a boutique, top-of-the-line hotel." Construction should start by the end of July.
St Regis will be around 28 story's and the address is on West Paces Ferry at a very high point, that has an amazing view of Midtown and Downtown.
St. Regis is a very strong five-star brand, and a typical attribute of luxury hotels is that they tend to be smaller and more intimate," Woodworth said.
Plans for the new St. Regis call for 450 hotel rooms with 85 to 150 residential condominiums on the upper floors. Room rates would be in line with prices charged by the Four Seasons or the Ritz ($300-$500 per night and up), Levenson said.
With an estimated 65,000 out-of-towners visiting Atlanta on any given day, Woodworth said luxury Buckhead hotels have a "very good shot" at selling enough rooms to make new developments worthwhile.
Furthermore, because of its reputation and proximity to high-end shopping, Buckhead hotels traditionally have demanded the highest room rates in the city and have consistently filled up their rooms, Woodworth said.
"Our expectation is that once the economy gets stronger and group meetings and business meetings come back, more people are going to be looking at luxury development opportunities in Buckhead," Woodworth said.
The 4-acre property was acquired in 2001 by a group called Buckhead Plaza Land Trust, which includes Atlantans Jim Cowart and George Berkow of Atlanta-based development firm Jim Cowart Inc. and Florida attorney and office developer John Meshad.
An earlier legal quarrel over parking stalled the project for several months, but the owners reached an agreement with One Buckhead Plaza owners CB Richard Ellis Investors to lease up to 1,300 parking spaces in the existing deck for the office tower, Levenson said. The hotel owners will build a smaller dedicated parking garage beneath the hotel.
In addition to hotel rooms and condos, the St. Regis hotel will have a 32,000-square-foot ballroom and two restaurants, one facing West Paces Ferry and the other located further inside the hotel facing an outdoor plaza.
Buckhead Plaza Land Trust officials hope to break ground on the property this fall, with an 18-month construction cycle and an opening possibly as early as 2005. So far, the development group has invested about $35 million in the project, Levenson said.
"We are anxious to get moving, and the priority is to get this project started," Levenson said. "Atlanta will finally have a boutique, top-of-the-line hotel." Construction should start by the end of July.