We have our first official 2010 announcement of a mixed-use project – including condos! Alvin D. James, a veteran broadcasting industry executive, plans to develop the unnamed project on the site of the former One Museum Place condo project at 1301 Peachtree Street, directly across the street from the High Museum.
With an estimated cost for the project of $350 million, the plans include a five-star hotel, street-level retail space, a spa, three restaurants, two pools and a fitness center, as well as an on-site fine art museum to house Wieland’s private art collection for the first year. 24 residences will be above the hotel. He is also planning a separate condo tower with 50 units. James said his luxury condo units will start in the low $700,000s and penthouse units will start at $1.2 million.
James is in talks with three international hotel brands as a flag for the hotel, which he plans to open in spring 2012. He said a European hedge fund, which he did not name, is fully funding the $350 million project. Design Reese Architects and Associates P.C. in Atlanta is designing the hotel.