It’s too early to say how much the pandemic will affect commercial development projects in metro Atlanta. Construction has continued at existing projects. But lenders could tread more carefully amid economic uncertainty, potentially putting new projects on hold.
Buckhead lacks the type of modern luxury hotels that are popping up in trendy areas of other U.S. cities, said Greene. Downtown Nashville, Tenn., he said, has far more new luxury hotel developments than Buckhead, including new locations of JW Marriott, Four Seasons and 1 Hotel.
“We need more contemporary modern hotels here,” Greene said.
The hotel brand that Portman has secured will be new to the Atlanta market, he said. The hotel tower will include three restaurants and a small amount of retail.
The project will mesh well with Jamestown Properties' redevelopment of The Shops Buckhead, a luxury retail strip on the same stretch of Peachtree, Greene said.