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Gainesville-based multifamily developer Capstone Property Group, LLC, is finalizing plans to redevelop the long-vacant First National Bank building, at 111 Green Street, into a mixed-use development. The five-story mid-rise was most recently home to Regions but has sat vacant for about a decade, Jonathan Collins, president of Capstone, Monday told What Now Atlanta in an interview.
When Collins acquired the property in August, 2019, Capstone was only planning on opening a hotel at the site. With a go-vertical timeline of April 2021, the project — now called The National — will consist of three buildings, two of which will be built from the ground up.
“[Gainesville] is our home and we felt like with this property, there was a real opportunity to bring a higher caliber hotel to the area, so that was the primary driver behind the plans,” Collins said. “Then we took a look at how to better utilize the entire property and decided to add multifamily to maximize the yield.”
As multifamily is Capstone’s strong suit, the developer has retained hotel design and management firm McKibbon Hospitality to advise on The National’s hospitality component — a 132-key Marriott Courtyard Hotel. The hotel will rise five stories tall and will be connected to the mixed-use’s main building and existing structure by way of a courtyard/plaza and lobby.
The First National Bank building’s lobby will be restored with its 22-foot ceilings as a focal point, and its remaining first floor will become a conference center. Floors two through five will be converted into multifamily joining The National’s third building — also five stories tall — which will solely function as apartments. In total, The National will offer approximately 100 residential units. Parking will be underground.
Capstone is nearly 75 percent finished with its architectural package and is tasked with selecting a General Contractor next. The property is already zoned for hotel and Collins and his team are currently working to get the residential zoning approved with plans to debut The National in December 2022.
“Community feedback has been positive and the City of Gainesville is very supportive,” Collins said. “Delivering residential units so close to The Square will be invaluable to the many local businesses.”
[Editor’s note: this article was updated to correct the spelling of Gainesville and the full official name of First National Bank.]