DeKalb County’s Land Disturbance Permit, issued Monday, authorizes Aramar Investments to overhaul the 4001 Presidential Parkway tower into 282 market‑rate apartments.
The 14‑story cylindrical structure, built in 1973 as the Presidential Hotel, closed in 1987 after I‑285 rerouted traffic, leaving the building vacant for more than a decade.
The $53.3 million project spans seven acres and 150,000 square feet, offering 76 studios, 150 one‑bedrooms, 52 two‑bedrooms and four penthouses, with two‑bedrooms priced at roughly $1,800 a month.
DeKalb County CEO Lorraine Cochran‑Johnson said the permit marks a turning point, turning an eyesore into a productive asset. District 1 Commissioner Robert Patrick added that the tower will welcome new residents, while Chief Development Officer Jacob Vallo noted growing market confidence.
Local residents Matt Hunter and Landon Hollingshead welcomed the redevelopment, saying it will bring opportunity and a fresh start to the area.
Construction is expected to begin immediately, with completion targeted for the end of next year, after which leasing will commence.