National developer Fairfield Residential on Wednesday will present plans to the Atlanta BeltLine Design Review Committee to redevelop a former InTown Suites property in Piedmont Heights into a nearly 400-unit residential project, according to the BeltLine DRC’s meeting agenda this month.
The five-story, 392-unit project would rise at 1944 Piedmont Circle NW following earlier plans by another developer to redevelop the property into a modern hotel. In 2018, developer Paces Properties announced plans to do so with Austin-based hospitality company Bunkhouse, but plans stalled the following year.
Fairfield Residential said in a statement provided to What Now Atlanta that it intends to demolish the existing hotel building to make way for its project.
“Fairfield Residential is excited about the opportunity to develop a new luxury residential community at the site of the vacant InTown Suites hotel,” the company said.
“It’s been a challenging few years for the property under its current ownership given the pandemic and other unforeseen factors; however the complete demolition and redevelopment allows us to make a significant investment to bring a very high quality product to the Piedmont Heights neighborhood.”
Under BeltLine inclusionary zoning requirements, the project will set aside almost 60 units, or 15 percent of the project total, for households at 80 percent of area median income or below.
The remainder of units are expected to have market rates ranging from $1,400 to $1,700 for studios and one-bedrooms and $1,900 to $2,500 for two-bedrooms, according to a summary of Fairfield Residential’s plans by the Piedmont Heights Civic Association.
According to the PHCA, Fairfield Residential is under contract to purchase the 4.79-acre project site from Paces Properties and expects the total project cost to come out to around $90 million.
The project would also include a parking deck with 504 spaces, according to the BeltLine DRC’s agenda.
A manager of over 42,000 units around the country, Fairfield Residential has developed several projects in the Atlanta area, including the 325-unit Platform Apartments at 290 Martin Luther King Jr Drive SE.