Peacock Partnership Buys Former Hotel in Atlanta for $70M Seniors Housing Redevelopment

ATLANTA — Peacock Partnership Inc. has completed its purchase of the former Presidential Hotel, located near Atlanta’s “Spaghetti Junction” highway interchange of I-285 and I-85. The buyer plans to convert the long-vacant property into a seniors housing community.

The DeKalb County Commissioners unanimously approved the special land use permits for the project. Peacock estimates development costs totaling $70 million.

Design and development plans are currently underway. Peacock plans to receive its final permits in the fourth quarter of 2018, and projects a construction timeline of 18 months from that point.

The project includes renovations to the existing structure as well as addition of a new, 12-story residential tower. The finished community will offer a total of 400 age-restricted, active-adult units.