Owner of Old Presidential Hotel shares vision of future - CBS46 News

Owner of Old Presidential Hotel shares vision of future

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Source: WGCL Source: WGCL
(Source: Peacock Partnership, Inc.) (Source: Peacock Partnership, Inc.)
(Source: Peacock Partnership, Inc.) (Source: Peacock Partnership, Inc.)
(Source: Peacock Partnership, Inc.) (Source: Peacock Partnership, Inc.)
(Source: Peacock Partnership, Inc.) (Source: Peacock Partnership, Inc.)
DEKALB COUNTY, GA (CBS46) -

The old Presidential Hotel is an eyesore thousands of you drive by everyday and one we first exposed years ago.

The property which has been neglected will soon transform into something respected.  That according to Peacock Partnership CFO Steve Farrier.

"For our active Seniors aquatic therapy is very important," said Steve Farrier of Peacock Partnership CFO.

It's hard to imagine a place so neglected will soon transform into something respected.

"The building does need a lot of work, but there's a lot here already," said Farrier.

Farrier shared his vision for the future of the property only with CBS46. His company purchased the abandoned site less than two weeks ago.

"We see this as a great residential opportunity for seniors in the community," said Farrier.

Artist renderings show a complete renovation of the old tower, as well as construction of a new 12-story building next to it - providing housing for more than 400 senior citizens. 
 
"No matter how bad things are what they say is it has good bones.  So, we're going to take it back down to the structure and totally redo the project," said Farrier. 

Peacock Partnership paid just over $1 million for the site and will spend more than $70 million to redevelop it. Revitalizing the entire area in less than two years. 

"We're going to have a market place, fine dining, a bistro, state of the art wellness and fitness center, salon and spa. Not only for our residents, but this will be a draw for the community as well," said Farrier.

And after five years of looking at this rundown property, Farrier intends to replace an eyesore with an eyeful.

"Transformation is a great word and that's what we envision for this project."

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