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Imperial Hotel Purchased By Re-development Team; Extensive Renovations Will Preserve History

Columbia Residential and National Church Residences rescue hotel from foreclosure; Will provide housing for special needs, low- and moderate-income population

 
PRLog - Jan. 17, 2012 - ATLANTA -- The Imperial Hotel, located at 355 Peachtree Street in downtown Atlanta, is slated for a comprehensive recapitalization and renovation to allow it to continue to serve downtown residents needing permanent supportive housing. Built in 1910, the Imperial has provided affordable housing, particularly to residents with special needs, since 1996. In the past few years, the building’s owner has fallen into financial difficulties and struggled to be able to afford needed repairs.

Columbia Residential, a nationally recognized Atlanta-based developer of multifamily affordable housing communities, and the National Church Residences (NCR), a Columbus, Ohio, non-profit leader in senior HUD housing – have worked quietly with the State of Georgia and City of Atlanta throughout 2011 purchased the property. The joint venture closed the purchase on January 5 and will comprehensively redevelop the Imperial into a sustainable, state-of-the-art facility. The new owners will continue to serve low- to moderate-income residents exiting homelessness and others with special needs by providing supportive services in a secure, high-quality affordable rental housing community.

“The Imperial’s current residents will be allowed to return to the fully renovated building following an extensive 21-month construction project,” said Noel Khalil, Chairman and CEO of Columbia. “In the interim, to ensure their physical and financial safety, residents will enter a carefully supervised and government approved relocation program providing suitable, if not improved, interim housing with subsidized rents in the metro Atlanta area.”

The renovated building is expected to contain 90 fully renovated units, on improved floor plan configurations, fully updated leasing and management offices, resident amenities and spaces for case managers and service providers and onsite security.

The new owners have applied for a complex array of funding to secure a new financial structure, providing a comprehensive replacement/update of building systems, unit interiors and management and amenity areas, enhanced security features, as well as updating to a sustainable (LEED-certified) energy-efficient building.

The joint venture is committed to historic preservation, maintaining the Imperial’s landmark character while updating the interiors and operations to a 21st century standard.

The project has the strong support of the state of Georgia, the city of Atlanta, the Atlanta Housing Authority and private investment to allow for an extensive renovation and sustainable future.

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Columbia Residential is a leading Atlanta-based developer and manager of affordable and mixed-income housing. Noel Khalil founded Columbia in 1991 and remains its chairman and CEO. Jim Grauley joined the company as partner in 2008 and serves as President and COO.
The firm operates over 4,800 affordable and mixed-income housing units in Georgia, in addition to communities in Texas and Louisiana. Columbia has developed and operates over 225 units of special needs housing in Atlanta, including housing for formerly homeless and other families with special needs. Developments include Columbia Tower at MLK Village, which serves 96 special needs residents with extensive on-site services and amenities.
The firm will lead the development and construction aspects of the comprehensive, sustainable redevelopment of the Imperial Hotel, utilizing its experience with complex financing, refurbishment of high-rise buildings, and sustainable, energy-efficient construction.

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Source:Schroder PR
Location:Atlanta - Georgia - United States
Industry:Real Estate, Business
Tags:columbia residential, national church residences, ncr, atlanta, ga, Georgia, imperial hotel, affordable housing
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