Just across the street from The Shops Buckhead Atlanta sits the future home of Portman Holdings’ next Buckhead Village venture. The long forgotten building that once housed Three Dollar Café occupies a prime location at the corner of Peachtree Road and Pharr Road. Prominent local developer Portman Holdings recently entered into a 99-year lease of the 2.4 acre lot with the Bradshaw family who has owned the land since 1978. Currently without financing, the developer estimates that they will need approximately two years of planning and permitting before breaking ground sometime in 2022.
The news may come as a surprise given the possible downturn of the hospitality industry in the wake of COVID-19. Despite expected delays due to the virus, plans are underway to transform this key corner into a two tower complex that will house a 225-room luxury brand hotel and 225-unit luxury apartment building at an overall cost of approximately $300 million. This development, along with Portman Holdings’ other venture, Kimpton Buckhead, an adaptive reuse hotel located at 374 E Paces Ferry Road, indicates that Portman Holdings believes in a strong economic future for Buckhead Village despite current circumstances. That is a strong endorsement from one of the city’s premier developers.
If all goes according to plan, we can expect this new venture to open its doors as early as 2024.