The John Hardy Group has made a name for itself developing posh hotels around the world, so when John Hardy picked up a parcel in Central Perimeter from the FDIC three years ago, everyone assumed that the site would be developed into just that – a posh, upscale hotel. And yet for three years, the parcel has remained untouched; a mansion targeted for office use has sat on the property for some time.
As it turns out, the Central Perimeter hotel market isn’t as strong as Hardy hoped it would be. Trends suggest that while weekday bookings are solid, they drop at dramatically during the weekend. Given that information, the John Hardy Group has decided to go with the flow and change their plans from developing a hotel to developing a boutique-style office building. The firm has dubbed the project “700 Abernathy” and will move forward as long as they can pre-lease enough space. Reps from the John Hardy Group have stated that they aren’t interested in a spec building.Share