By Opportunity Zone Magazine Staff
Investor Sixty West Funds and developer Lucror Resources have chosen Motto by Hilton to anchor Waldo’s Old Fourth Ward, a $80 million mixed-use development taking shape in Atlanta’s Old Fourth Ward neighborhood. The 125-room hotel, designed by architect TVSDESIGN and interior design firm Hirsch Bender & Associates, is set to break ground August 2019.
“The Old Fourth Ward mixed-use development made sense before the release of Opportunity Zone designations. Once it was designated, we were thrilled to pioneer one of the first Qualified Opportunity Zone Funds in the nation and present another dynamic investment opportunity direct to our investors,” says Jason Cordon, principal at Sixty West Funds.
Hilton’s newest micro-hotel brand overnight destination will accompany a seven-story heavy timber construction office building, residences and retail on the 1.5 acre site that will include a speakeasy, a full service restaurant and food stalls in a courtyard space. It is the first signed Motto by Hilton, a lifestyle hotel brand by Hilton launched in October 2018.
Arun Nijhawan, leader of Lucror Resources and the Old Fourth Ward project said in a statement that Lucror and Sixty West seek to be at the forefront of urban real estate development by financing through 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.”
The Old Fourth Ward is home to iconic landmarks such as Martin Luther King Jr.’s childhood home, Ebenezer Baptist Church and the Jimmy Carter Library and Museum. Cordon says they acquired the property due to its proximity to the Atlanta BeltLine – 22 miles of pedestrian transit pathways connecting 45 neighborhoods – Atlanta Streetcar, MARTA, and major roadways. He says the project also leverages the increasing and emerging lodging demand and creative office market in the Old Fourth Ward neighborhood. They seek to bring 200,000-square-feet of live and work space to the rapidly developing community.
The project anticipates a $35-million total offering size raise.