April 16, 2020
Strand Capital Group and Wyndham Vacation Resorts Inc. have proposed developing a 22-story, 212-unit timeshare resort, along with a Margaritaville restaurant and bar in Atlanta. The development team has lined up at least $108 million in financing for the project through Western Alliance Bank.
An affiliate of Strand Capital paid $7.5 million for the less than one-acre property in downtown’s Fairlie-Poplar District. Atlanta preservationists are seeking to protect the 1920’s historic building at 152 Nassau St. on the site because it housed the South’s first commercial recording studio, and is considered the birthplace of country music.
Wyndham can acquire timeshare or vacation ownership interests in 108 units. Wyndham and the developer reached an agreement for the residential component of the project, prior to non-essential businesses closing because of the COVID-19 pandemic. The Margaritaville project had been in the works for a number of years.
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