Waldo's Old 4th Ward Sixty West Funds and Lucror Resources Share New Details as Atlanta Opportunity Zone Development Takes Shape
Business Wire 4-Jun-2019 11:37 AM
Mixed-Use Site to Include Motto by Hilton, Hilton's Newest
Micro-Hotel Brand
Sixty West Funds and Lucror Resources announce the selection of Motto by
Hilton as the hotel concept to anchor Waldo's Old 4th Ward,
the $80 million mixed-use development emerging in Atlanta's Old Fourth
Ward neighborhood at the intersection of Boulevard and Edgewood. The
hotel, set to break ground in August 2019, is designed by architect
TVSDESIGN and interior design firm Hirsch Bender & Associates. The
premier overnight destination will accompany a heavy timber construction
office building, residences and retail on the 1.5 acre site.
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Waldo's Old 4th Ward rendering (Photo: Business Wire)
One of Atlanta's most historic neighborhoods, the Old Fourth Ward is
home to iconic landmarks including Martin Luther King Jr.'s childhood
home, Ebenezer Baptist Church and the Jimmy Carter Library and Museum.
Commonly referred to as the "O4W," the ever-evolving area has become a
destination for those seeking more urban and cultural adventures around
town including Ponce City Market, nightlife along Edgewood Avenue,
access to the Atlanta BeltLine's Eastside trail, street art, local
markets and popular dining destinations. With a focus on culture,
connectivity and location within this desired enclave, Waldo's Old 4th
Ward aims to bring 200,000-square-feet of live and work space to the
rapidly evolving community.
Motto by Hilton
The announcement of the United States' first signed Motto by Hilton puts
Waldo's at the forefront of hotel development not just within the Old
Fourth Ward, but regionally and nationally as well - an emerging goal
for Atlanta developers as the region welcomes more than 52 million
visitors annually. The new and innovative lifestyle hotel brand by
Hilton launched in October 2018, Motto by Hilton seeks to provide
accessible accommodations in some of the most coveted urban destinations
worldwide.
The micro-hotel lifestyle capitalizes on what it means to be "here" and
the growing trend for hotels to be part of the destination experience.
As such, the addition of the 125-key Motto by Hilton will give Atlanta
visitors the affordability and flexibility they crave while traveling,
along with unprecedented hotel access to the Atlanta BeltLine, the
nationally recognized and locally beloved 22-mile loop of multi-use
trails and parks that has served as an economic catalyst for
neighborhoods along its path. Complementing access to the area's highly
trafficked and coveted retail, food, beverage, cultural and nightlife
destinations will round-out the opportunity for true immersion and
connection. Motto by Hilton Atlanta Old Fourth Ward will also include a
speakeasy, a full service restaurant and food stalls in a courtyard
space. Similar to the other Motto by Hilton properties around the world,
Motto Atlanta Old Fourth Ward will show off its flexibility through
spaces that have been cleverly designed, technology that makes traveling
seamless and an elevated sleep experience that will make recharging
easier than ever.
"We are thrilled to partner with Hilton to sign the first Motto by
Hilton in the United States," said Jason K. Cordon, Principal at Sixty
West Funds. "We're joining forces with the emerging brand to empower
guests, giving them the freedom to create their own experiences in the
Old Fourth Ward - one of Atlanta's most sought-after neighborhoods."
Tripp McLaughlin, Global Head of Motto by Hilton, commented, "We have
deconstructed the traditional hospitality experience to create something
truly fresh and exciting. The Old Fourth Ward neighborhood of Atlanta is
rooted in culture and history and is an exciting market to introduce
Motto by Hilton. One of our brand pillars is ‘inviting and local'; Motto
invites guests and locals in through an authentic and social atmosphere
with thoughtful design that uniquely weaves into the fabric of a
neighborhood, and this project aligns perfectly with our vision."
Office Construction
In addition to the hotel, Sixty West Funds and Lucror Resources aim to
further activate and impact the dynamic Old Fourth Ward by introducing a
seven-story heavy timber construction office building. This emerging
building type – only the second of its kind in Atlanta and leading a new
trend in American office construction – brings elements of nature and
the outdoors to an urban epicenter, offering exposed wood, natural
lighting and eco-conscious sensibilities. The Waldo's Old 4th
Ward building, fabricated by StructureCraft, will offer more than
100,000-square-feet of Class A office space, and is poised to become
some of the most sought after commercial space in the city.
"Lucror Resources and Sixty West endeavor to be at the forefront of
urban real estate development by financing with an Opportunity Zone Fund
that leverages tax advantages for capital gains, using heavy timber
construction to create a healthy work environment for office tenants,
and with the Motto welcoming guests to Atlanta's Old Fourth Ward," said
Arun Nijhawan, leader of Lucror Resources and the O4W project
Opportunity Zone Financing
Waldo's Old 4th Ward is funded through the Sixty West O4W
Opportunity Fund. Included within one of the city's 26 eligible
Opportunity Zones identified by the Tax Cuts & Jobs Act of 2017, the
urban infill, master planned, mixed-use community is one of the first
Qualified Opportunity Zone funded developments to break ground in
Atlanta and in the United States.
"Partnering with Lucror Resources to establish Waldo's within the Old
Fourth Ward was a compelling opportunity based upon the location and
demand," said Cordon. "Couple the exponential growth in the Old Fourth
Ward with the benefits of developing within the Qualified Opportunity
Zone, and the project became one that could not be ignored. We are proud
to lead this Opportunity Zone investment and development in Atlanta and
look forward to setting a model for Opportunity Zone projects moving
forward."
About Sixty West Funds
Sixty West is comprised of over 50 professionals with extensive
experience in the acquisition, financing, and development of over 150
real estate-related opportunities. The company's history of success is
includes over $1 billion of tax equity raised to support more than $2
billion in related projects. Over the past decade, Sixty West has
leveraged its expertise in the use of tax credits and related incentives
to bring real estate directly to investors. Based in Atlanta, Georgia,
Sixty West Funds partners with highly skilled consultants, compliance
managers, and legal and tax advisors, ready to serve investors. Visit sixtywestfunds.com
for additional information.
About Lucror Resources
Lucror Resources is a real estate investment and development company
focused on the acquisition and development of urban assets. Arun
Nijhawan, Lucror's founder, holds over 20 years of experience including
leading real estate initiatives for $4 billion hedge fund GMT Capital
and international real estate development firm Portman Holdings. Focused
on a value-based investment strategy, Lucror led the effort to redefine
the office experience in Downtown Atlanta by acquiring and restoring
Atlanta's iconic 120-year-old Flatiron Building into a technology-driven
office and coworking space for entrepreneurs and enterprise companies.
Lucror Resources leverages its real estate development experience to
reposition properties through hands on management to satisfy market
demand for urban infrastructure. Additional details can be found at lucrorresources.com.
About Motto by Hilton
Motto by Hilton is a new micro-hotel with an urban vibe in prime global
locations that empowers guests by giving them the freedom to create
their own experiences in the world's most sought-after cities. Motto
offers travelers centrally located, reasonably priced and less
traditional lodging that provides a one-of-a-kind experience. At its
core, Motto is a beacon for today's modern, global community of
travelers, delivering a flexible, innovative hospitality experience with
guest-empowered service. Motto is part of the award-winning Hilton
Honors guest loyalty program. Visit newsroom.hilton.com/motto for
more information and connect with Motto on Facebook and Instagram.
About Hilton
Hilton (NYSE:HLT) is a leading global hospitality company with a portfolio of
17 world-class brands comprising more than 5,700 properties with more
than 923,000 rooms, in 113 countries and territories. Dedicated to
fulfilling its mission to be the world's most hospitable company, Hilton
earned a spot on the 2018 world's best workplaces list, and has welcomed
more than 3 billion guests in its 100-year history. Through the
award-winning guest loyalty program Hilton Honors, more than 89 million
members who book directly with Hilton can earn Points for hotel stays
and experiences money can't buy, plus enjoy instant benefits, including
digital check-in with room selection, Digital Key, and Connected Room.
Visit newsroom.hilton.com for
more information, and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram,
and YouTube.
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