(Atlanta Business Chronicle)
ATLANTA -- Children's Healthcare of Atlanta recently bought an aging 19-story hotel that would boost its visibility along Interstate 85.
Children's Healthcare bought the old hotel at 1447 Northeast Expressway and North Druid Hills for $9.6 million, according to DeKalb County records.
The more than 5.5-acre site overlooks the interstate and is next to an office park Children's Healthcare already occupies.
The purchase of the hotel is part of the overall development plan for the park, said Children's Healthcare spokeswoman Patty Gregory.
Exactly how the building will be used, or what functions Children's Healthcare will house there, is uncertain, Gregory said. But it would significantly raise the profile of the company along one of the most heavily traveled commutes between DeKalb and Fulton counties.
The site is relatively well-known among real estate developers. In 2009, Atlanta-based Cortland Partners LLC thought about renovating the 210-room hotel and building a 425-unit apartment project there, according to plans filed with the state.
That project was large enough to qualify as a Development or Regional Impact, or DRI, meaning it would have put added pressure on local infrastructure and probably have affected traffic. Cortland later shelved those plans.
The hotel's owner was an affiliate of PBS Land Acquisitions LLC, according to Databank Inc., an Atlanta firm that records real estate transactions.
Children's Healthcare of Atlanta owns and operates the 255-bed Egleston and 250-bed Scottish Rite hospitals, two of the largest in metro Atlanta.
(Douglas Sams, Atlanta Business Chronicle)