A half-century after John Portman and company developed the 27-story office tower at 230 Peachtree St., he's buying it back and adding another hotel to downtown's lodging options. Portman has officially purchased the 1965 tower with plans to renovate it and add a 200-key Hotel Indigo in addition to more office space. A company spokesman said the project is scheduled to be finished in late 2015, when it will house "the only hotel in downtown Atlanta that is directly above a MARTA station, providing access to some of the city's best attractions, convention locations, business districts and more," a press release states. And it sounds like the Atlanta Streetcar, despite its difficulties with actually existing, played a role in the property acquisition.
In the mid-1960s, Portman developed the tower as part of Peachtree Center, which at nearly 20 million square feet is the granddaddy of Atlanta's mixed-use developments. The complex includes 10 office buildings, three hotels, four trade mart buildings, a retail mall, health club and four parking garages.
According to the press release, the move to purchase back the tower is a sign of the 89-year-old Portman's commitment to revitalizing downtown. "This adaptive-reuse project represents Portman's focus on creating differentiated products in prime locations like 230 Peachtree St., which is in close proximity to the new Atlanta Streetcar," the statement reads. "Downtown Atlanta is a market that Portman is deeply committed to, and the fact that this is a legacy project makes it even more compelling."
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