By John Schaffner
Ben Carter Properties and Barry Hotel Partners are going to redevelop two acres at the southwest corner of Peachtree and Pharr roads to replace the empty former Three Dollar Café with Atlanta’s first Hotel Monaco boutique hotel as well as an office tower end retail sapace.
The redeveloped site will become part of The Streets of Buckhead mixed-use development which is being led by Ben Carter Properties. Barry Hotel Partners will develop the Hotel Monaco — a Kimpton luxury boutique hotel with 283 rooms.
Ben Carter Properties will develop the separate office tower, 55,000 square feet of ground-level retail and a restaurant space.
The office building, which will be called Buckhead Esplanade, will have 300,000 square feet of class-A office space, and will be leased and managed by Ben Carter Properties.
Construction of the office and retail space starts in the winter of 2008. The space will be available for its first retail and office tenants by March 2010. The Hotel Monaco will begin construction next year and is slated for a 2010 opening.
With this announcement, The Streets of Buckhead has expanded across Peachtree Road from where the previous development plans had been announced and where demolition work has begun. The development has now grown to nine blocks
Ben Carter reportedly has said acquisition and development of the additional acreage will cost roughly $250 million. Investment in The Streets of Buckhead had previously been expected to top $1 billion.
The Hotel Monaco is the third of four hotels within The Streets of Buckhead project. In August, Barry Hotel Partners announced the development of 1 Hotel & Residences at The Streets of Buckhead. That project will have 30 condominiums, a 175-key hotel, a spa and a restaurant. Additionally, a boutique hotel, The Paces Plaza Hotel and Residences, will have 100 rooms and 42 residences.
“We are excited to add the redevelopment of this parcel to our plans,” said Ben Carter, Founder and Chairman of Ben Carter Properties. “With the amenities and atmosphere we’re creating at The Streets of Buckhead just across Peachtree Road, this is a perfect place for a luxury office building and a stylish hotel. The development will be a master-planned community that will offer our office tenants an opportunity to be within walking distance to hotels like the Hotel Monaco, great shopping, an array of restaurants, and luxurious residential options.”