Boutique Hotel Downtown Atlanta

The Carnegie building, originally built in 1925 and designated in 1990 as an Atlanta Historic Building, is conveniently located in the heart of downtown Atlanta on the corner of Carnegie Way and the famous ‘Peachtree Street’.  Standing 12 stories high, it was one of the first “skyscrapers" in the City of Atlanta. The building is at a prominent location in downtown Atlanta next to the Peachtree Center MARTA station and within walking distance of many major hotel demand generators such as fine restaurants, a variety of shopping outlets, places of interest (see below) and corporate office buildings. 

Many major attractions are also within walking distance of the property including the Georgia Dome, Georgia World Congress Center, Phillips Arena, Centennial Olympic Park, Underground Atlanta, CNN Center & Studios and the world’s largest aquarium, the Georgia Aquarium, lying next to the site of both the New World of Coke-Cola and Civil Rights Museums.  Approximately $2.6bn of new development has been recently completed or is under construction in the immediate vicinity, bringing a variety of new demand generators to the region.

The redevelopment of the Carnegie building to an upscalefor almost two years. Therefore, each of the jobs resulting from the Hotel Indigo conversion can be considered as direct jobs for EB-5 investment.  With tax credit benefits supported by EB-5 funding (e.g. to offset the reduction in the availability of TAD funds due to the school tax litigation), this existing office building would greatly profit from redevelopment to a hotel. boutique hotel would place it among a competitive set of hotels that achieved RevPAR levels in excess of $120 for the total year Additionally, the lack of available land in the area has led to a relatively small growth of lodging supply in the downtown area; contributing to the aforementioned increases. According to Smith Travel Research, Atlanta is the 8th largest hotel market in the United States.  Demand is forecasted to reach 33,117 rooms per night by 2011 making the downtown market one of the highest and future forecasted performing submarkets in Atlanta. 

The Carnegie building was originally an office building but has been empty.

The status of the project is that hard construction is around 50% complete with an expected ready for service date of January 2010.