By John Schaffner
Barry Hotel Partners has pulled out of the $1.2 billion Streets of Buckhead redevelopment project and Ben Carter has announced that he plans to develop the 1 Hotel and another not-yet-announced hotel instead.
Barry was to build the 1 Hotel and Residences on the northeast corner of Pharr and Peachtree roads and the Hotel Monaco on the southwest corner, the site of the former Three Dollar Café.
Carter will not build the Hotel Monaco. Instead the site will have a 300,000-square-foot office tower and 80,000 square feet of retail.
Carter indicated that the hotel development schedule was getting in the way of retail and the retail and hotel are so intertwined that he decided to develop the hotels himself.
According to published reports, Barry Real Estate Cos. executives confirmed that the project is complicated and there are issues of coordination, which led to Carter deciding to do the two hotels himself. However, Barry reportedly still plans to build a Hotel Monaco in Buckhead, at an undisclosed site other than The Streets of Buckhead development.
The 1 Hotel and Residences will have 175 hotel rooms and 32 condominium residences. The unnamed “international brand” hotel will have 100 hotel rooms and 35 condos.