KHP Capital Partners is planning to convert the historic Johnston Building into a 245-room hotel with a fine-dining restaurant and coffee shop on the first floor, a ballroom, conference room and rooftop bar. The building is just over 100 years old. Last year, KHP bought it from Spaulding & Slye Investments for $19.3 million.

Due to the building’s age, KHP hopes to land federal historic tax credits from the National Park Service. Buildings that qualify for federal historic preservation tax credits receive 20% of the rehabilitation’s qualified expenses.

Demolition has begun on the building’s interior, and construction will ramp up this spring. The project is expected to deliver in the summer of 2026.

It’s just the latest office-to-hotel conversion the firm has completed. The Charlotte Business Journal reports that KHP says it’s invested $1.25 billion in renovating existing hotel properties and rehabilitating other obsolete real estate into boutique hotels. Its portfolio includes projects in Philadelphia, Washington, D.C., Chicago and Portland, among others.

Georgia-Pacific announced plans to transform its iconic 51-story world headquarters and the surrounding city block into a center for innovation. The downtown location will include a mix of residential living, modern office spaces, retail, restaurants and a landscaped central plaza for gathering.

The proposed development, scheduled for completion in fall 2027, includes the following:

• More than 400 apartment units on the tower’s uppermost floors, among the highest in the Southeast
• 125,000 square feet of retail, restaurant and entertainment space
• 600,000 square feet of Class A office space anchored by Georgia-Pacific and Koch Inc.
• 35,000 square feet dedicated to a large central plaza
• More than 2,100 parking spaces plus adjacent MARTA and Atlanta Streetcar transportation access
• Future multi-phase development plans include opportunities for a hotel and additional retail and residences

Partners include Rule Joy Trammell + Rubio, architect of record; Healy Weatherholtz, retail broker; Kimley-Horn, civil engineering; Studio Saint, interior design; Brasfield & Gorrie, preconstruction; and Transwestern, consulting and property management.

Georgia-Pacific will continue its presence in the building.