The company is negotiating to develop a 200-room hotel with million dollar-plus condominiums on the upper floors, smack dab in the middle of Midtown.
The estimated construction cost of the hotel shell alone is $40 million.
The site is Midtown Square at Peachtree and Tenth Streets. The location is the site of a nearly two million-sf, mixed-use project by Dewberry Capital Corp. planned to get under way in about two years.
As is the case with the other Ritz-Carlton/condo projects, the property would be developed by a third party and managed by Ritz-Carlton.
For example, the Washington DC property due to open this October, was developed for $225 million. It has 300 hotel rooms and 162 condominiums with price tags ranging from $500,000 to $5 million.
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