$53M plan hopes to transform former Presidential Hotel

So we're going to talk about a massive redevelopment that's going to be going on in DeKalb County. So you've probably seen it if you've driven anywhere near Spaghetti Junction. It is the former presidential hotel, and it's been vacant for years. You're looking at some video right now that Sky Fox drone was able to capture just within the last couple of weeks there. Now a $53 million project would turn it into hundreds of apartments. Cesar Contreras with RMR Investments joins us live to talk about bringing this building back to life. And Cesar, I'm so glad you're joining us this morning to talk about this. That is a structure I have passed many a times. No, for sure. Thank you for having me. Well, so talk about what you guys are planning to do and why you want to take this very iconic building and turn it into something new. Well, you know, as you mentioned, it is an iconic building, so being part of this project is a privilege to not only us, but also our company. With over 10 years of multifamily and construction, we feel that with this particular building, it's a perfect place for multifamily housing. We're creating 282 apartments, a unit mix between studios, one-bedrooms, and two-baths. So I assume you guys have walked the building. I mean, is this a prime place for redevelopment as opposed to basically just leveling it? So it's a great location for sure, yeah. We've been a lot of due diligence for about two years or so. And so can you walk us through your vision? So obviously you said about 282 apartments. What can we expect once this is fully finished and when people start moving in? Sure. So we're still on the permitting process. We're hoping to have permits sometime in February. DeKalb County has been great helping us out. Madam CEO Jacob Vallow has been a great influence for the project to move forward. So in the tower, we're looking to have studios, one bedrooms, and also penthouses. So we have four penthouses going into the tower. And on the bottom level, we're looking to have a two bedroom, two baths with a courtyard style, courtyard style. So the open area, and we will also be doing a four story tower in the back to have two, um, more two bedroom, two baths in the back. So I'm looking, obviously we're looking at pictures and or videos, I guess I should say Skyfox drone flew over and like, you kind of get a look inside. I mean, you have to have a real eye and a vision to be able to see something that you can turn this into. Is there like a big challenge in turning something like an old hotel into apartments where people are going to want to spend a lot more time than a night or two? So the best thing for us is we like hotels because of the vertical structure. Right now, what you have there, it seems a lot worse than what it is. After many tests and inspections that we've had on the building, the best thing for us is having the vertical stack and already the structure there for us to start construction. But between what you mentioned, people to stay there for more than two nights, we've created. Our company has dedicated a lot of time to create amenities. for our residents to live, work and play in our communities. This is not our first project that we've done. We have experience over 10 years on doing multi-family building conversions. I could certainly see what this could turn into. I mean, it is an iconic structure. I mean, for someone who maybe moves in eventually, being able to say, hey, I live at that presidential hotel, that former hotel, and you pass by it on Spaghetti Junction, you see it all the time. Can you just tell me about, do you have an idea for a name yet? Do you plan to keep the presidential hotel type of name in there for recognition? It's in the works. Obviously, as you know, this takes a lot of time. It's almost two years of a lot of diligence, like I mentioned before. So we're almost 99 percent finished with everything else. The name is probably one of the last things we'll start working with. But presidential has been one of the things that have been thrown in there for sure. Well, Cesar Contreras, the redeveloper for the Presidential Tower, the former presidential hotel, I appreciate you joining us this morning to talk about your guys' plans and what you guys are going to be doing. I know there's definitely a lot of interest in the fact that you're turning something old and making it new again. It should be fantastic once it reopens. Thanks so much for being here, Cesar. Thank you.