A Chicago developer, Phoenix Development Partners, has taken a significant step towards the construction of a new extended-stay hotel in Buckhead, Atlanta. They have applied for a new construction permit to build a Home2 Suites by Hilton at 1875 Peachtree Road NE. This project represents an investment of $25 million and is set to feature an eight-story, 174-room hotel across from Piedmont Hospital, in a location that has remained vacant for several years. The parcel, previously home to a Harry’s in a Hurry store, was cleared and subsequently used as a paid parking lot.
The development has been positioned as a key component of the local medical ecosystem, according to Phoenix Development Partners. The hotel is intended to accommodate patients and families visiting the nearby medical facilities, which emphasizes its importance to the community.
In Downtown Atlanta, Centennial Yards Co. is advancing with their plans to erect a four-story hotel at 88 Elliott St., as part of the larger megaproject at the former Gulch site. This $26.5 million boutique hotel will provide 127 rooms and includes street-level retail space, aiming to enhance the area’s appeal and economic activity. Groundbreaking for this new hotel is anticipated later this year.
In a significant industrial development, South Korean biotechnology firm JS Link announced plans to invest $223 million to establish a 130,000-square-foot magnet production facility at Muscogee Technology Park in Columbus, Georgia. The rare earth manufacturing plant is projected to produce around 3,000 tons of magnets annually, with completion expected by 2027. This expansion not only reinforces JS Link’s manufacturing footprint but also promises to provide over 520 jobs to the local economy, following their existing plant in Yesan, South Korea, which produces 1,000 tons of magnets each year.
Further investments in the region include Sewon Precision Industry Co., which is expanding its plant in Rincon, Georgia, by an additional 98,000 square feet. The company plans to invest $50 million into this already $300 million facility, which manufactures electric vehicle body parts for automakers such as Hyundai. This expansion is expected to create over 700 new jobs in the area.
In Cobb County, The Worthing Cos. is proposing a new residential project named Heights at Smyrna. Following their $12.3 million acquisition of land at Windy Hill Road and Dixie Avenue, the company plans to develop a 295-unit apartment complex with an estimated total cost of $80 million. This project aims to contribute to local housing and foster community infrastructure, as it will also include a 30,000 square foot civic building.
The real estate market is also reflecting notable sales activity. Stonemont Financial Group has acquired a three-story, 60,000 square foot medical office building known as Northside Medical Cumberland from Northside Health System for $23 million. Located at 4298 Atlanta Road, this facility will continue to serve as a hub for Northside physician practices and services under Stonemont’s ownership.
In Gwinnett County, the Urban Redevelopment Agency has approved an important purchase of 11.5 acres and a vacant Sears store at the defunct Gwinnett Place Mall for $11.5 million. This acquisition is part of a larger redevelopment strategy for the former mall site. Notably, Northwood Ravin previously bought the space in 2018 for $11 million, and upon completion of this latest deal, the county will oversee a total of 87.5 acres of the mall property, which includes the former Macy’s store purchased in 2024 for $16.5 million.
In the industrial sector, Dalfen Industrial, based in Dallas, has finalized the purchase of a 350,000-square-foot industrial facility located at 4975 Powder Springs Dallas Road in Cobb County. This property is fully leased to Leeman Architectural Woodwork and was sold for $31.1 million, as confirmed by Cobb County property records. The sale marks a profitable transition for High Street Logistics Properties, which had acquired the facility in 2020 for $21.8 million.
On the personnel front, Grace Lewis has been promoted to the position of associate at Patterson Real Estate Advisory Group after her initial role as an analyst starting in 2022. Her promotion comes as she takes on greater responsibilities, including direct engagement with capital providers and clients. A University of Virginia graduate, Lewis has played a crucial role in facilitating $450 million in debt and equity transactions during her tenure at the firm.
These developments signal a robust growth trajectory for Georgia’s real estate and manufacturing sectors, showcasing the state’s attractiveness to both residential and commercial investments.
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