Selig Enterprises Secures $340M Financing, Announces Hotel Brand at Mixed-Use Development in Midtown Atlanta
ATLANTA — Selig Enterprises has secured $340 million in construction financing for 1105 West Peachtree, its three-tower, mixed-use development in Midtown Atlanta.
The project will feature a 675,000-square-foot office tower, a 64-unit condominium tower, and a 178-room Epicurean Hotel. The towers will also house 25,000 square feet of ground-floor retail. The Blackstone Group Inc. provided the construction loan, partially financing the $530 million project.
“We have been fortunate enough to already garner the attention of some prominent tenants in the market including the signing of Smith, Gambrell & Russell for five floors [of the office tower],” says Chris Ahrenkiel, executive vice president of Selig Development. “The preleasing activity allowed for strong finance and equity options and also warranted an increase in the building size to over 675,000 square feet — the single largest tower to start construction in Atlanta in more than a decade.”
Selig is partnering with Mainsail Lodging & Development to build The Epicurean Atlanta hotel, which will operate under the Marriott Autograph Collection banner. The hotel will offer 178 rooms, a full-service culinary program, conference and event facilities, and an outdoor terrace on the ninth floor.
40 West 12th will offer condos ranging from $600,000 to $2.2 million, in two- to four-bedroom floorplans.
“With its highly visible and connected urban location, varied floorplan mix and high design finishes, 40 West 12th is literally and figuratively rising to fill the luxury condo void in Midtown,” says Christa Huffstickler, CEO and Founder of Engel & Völkers Atlanta, which is handling sales and marketing of the condos. “Over the last six months, prospects have expressed excitement as this project takes shape on such a coveted corner in Midtown. The funding announced by Selig today settles market concerns experienced by other condominium projects and reinforces the offerings at 40 West 12th.”
General contractor Brasfield & Gorrie broke ground on 1105 West Peachtree in December of 2018, and each tower is expected to top out in 2020. Project completion is slated for the third quarter of 2021. Rule Joy Trammell + Rubio is the architect.
Mike Ryan, Richard Henry, Brian Linnihan, Blake Cohen, Jared Kelso and Stephen Michels of Cushman & Wakefield arranged financing for the project. Selig Enterprises is also developing The Works, a $1 Billion mixed-use development in Upper Westside which will include Chattahoochee Food Works and a taproom for Scofflaw Brewing Co.
— Alex Patton