The Georgia Tech Foundation said Monday it has a deal in place to buy Atlanta’s historic Biltmore on West Peachtree Street near Technology Square.
The 1920s building appears destined to become a formal part of Tech Square, the research university’s hive of technology startups. Tech plans to incorporate the facilty into Tech Square and the Biltmore will retain its historic status, the release said.
The former hotel, which is now largely a place for events in its ballrooms and loft office space for start-ups and other technology firms such as Pindrop.
The property was once one of the city’s top hotels, but the property declined over the years. Novare acquired it in 1998 and restored it to its current state.
“It has been a privilege to restore and operate this Atlanta icon, and we are proud of the work done in preserving a landmark for the community and creating a premier creative office and elegant event space,” said Jim Borders, President, Novare Group. “With the building effectively 100 percent occupied, the timing was right to bring The Biltmore to market. We had significant interest from several qualified groups, and we are very pleased that Georgia Tech will carry the flag into the future.”
The residences on the site are not part of the transaction, a news release said.
“When you cross the Fifth Street bridge connecting our main campus with Tech Square, it is the first thing you see,” Tech President G.P. “Bud” Peterson said in the release. “We are proud to be able to incorporate it as a part of Georgia Tech. The acquisition of the Biltmore, combined with the state’s generous support of our business incubator program, the Advanced Technology Development Center (ATDC), positions Georgia Tech to further expand the number of companies we serve. We look forward to integrating this iconic structure into our growing entrepreneurial ecosystem, where it will help us to accommodate additional innovation centers and startups that want to take advantage of the energy, expertise and technologies at Georgia Tech, as well as the collaborative spirit in one of the South’s most thriving innovation neighborhoods.”
A Georgia Tech spokeswoman declined further comment until a deal is finalized.