A prime piece of real estate has hit the market in Midtown, across the street from the development site of a potentially skyline-altering tower project.
Developer Trillist, which owns both 1122 Crescent Avenue and 1138 Peachtree Street, recently put the former parcel up for sale, ostensibly opting to focus on the company’s proposed 46-story residential high-rise at the latter site, according to a report by Bisnow.
Trillist has enlisted Cushman & Wakefield to offload the 0.65-acre site, where the humble Crescent Place Apartments currently operate.
That site is where Los Angeles-based hotel operator SBE has been planning to open Atlanta’s first SLS boutique hotel, per the report.
An SBE spokesperson told the publication it had inked a hotel management agreement to deliver the SLS lodge, although further details are unclear.
According to Trillist’s plans from 2016, the Crescent Avenue mixed-use project was slated to ascend 42 stories and feature 213 hotel rooms and 56 condos. Although the property is expected to attract much interest, size constraints at the site could make parking for a very large project tricky, as Bisnow relays.
The move to sell the property could spell good news for Atlanta development watchers who’ve been tapping their feet on the 1138 Peachtree project, which has been teased since 2013.
If realized, the 46-story development would be the tallest tower built in Atlanta in more than a decade, standing more than 550 feet—roughly the height of the Marriott Marquee Hotel.
The project would include 317 apartments and 10,000 square feet of ground-level retail space, stacked atop a nine-story, 450-space parking deck.