Tivoli Plans 53-Story Condo/Hotel in Atlanta’s Midtown
- Nov 14, 2008
By Erika Schnitzer, Associate EditorAtlanta—Tivoli Properties Inc. announced plans yesterday for a 53-story condominium/hotel development, to be operated by the Mandarin Oriental Hotel Group. Sales are currently underway for what will become one of Atlanta’s tallest buildings and the city’s tallest residential tower.Designed by Atlanta-based Smallwood, Reynolds, Stewart, Stewart and Associates, the $285 million project will include 71 residences and 198 hotel rooms. “I told my development team that the building had to be nothing less than iconic,” Scott Leventhal, president and CEO, Tivoli Properties Inc., tells MHN.Mandarin Oriental, Atlanta is located in the middle of the city’s “Midtown Mile,” which, says Leventhal, “is quickly becoming a retail, cultural and leisure destination in the heart of the southeastern United States.” A four-level sky lobby, located on the 30th floor, will overlook the “Midtown Mile” Arts district of Atlanta. Residences will begin on the 35th floor.“Vertically integrated mixed-use developments in Atlanta are fairly new. It’s only in the last several years that towers with hotel and residential were successfully integrated” in Atlanta, Leventhal adds. “Residential on top of hotels is very complimentary because residents enjoy all the amenities and services that hotel guests get, and Mandarin makes it its mission to treat its residents like permanent hotel guests.”The Mandarin Oriental, Atlanta offer one-, two-, three- and four-bedroom residences, ranging in size from 1,700 to 12,000 sq. ft. for the penthouse. Homes are priced from $1.8 million to $15 million. Amenities for both residents and hotel guests will include concierge services, room service, catering, and housekeeping and valet services. In addition, the tower will include 15,000 sq. ft. of meeting space, a 22,000-sq.-ft. spa and fitness facility that offers Pilates, yoga and a city-view swimming pool, as well as four dining and cocktail venues. Ground-floor retail may potentially include a high-end grocery store and clothing boutique, notes Leventhal.As part of the Founder’s Program, the first 30 reservations made will receive benefits including early selection of their units and finishes, in addition to a discount on their purchase price, which is an average of $200,000 per unit. Nineteen reservations have been secured thus far.“We think now is a fortuitous time to unveil a development of this nature and for someone to come in and get the early price discount and place money on something that has proven to be a very safe harbor and safe investment,” Leventhal says, addressing concerns regarding whether now is the time to be developing—and buying—condominiums. He adds, “I would not say that buyers at this price point are unaffected, but they are the least affected by the current downturn. Everyone suffers in a market like this, but the buyers at this price point are very savvy and are maintaining as much liquidity as they can.”Tivoli has not yet set a date for the commencement of construction. However, Leventhal notes that he hopes to begin delivering homes in 2011.