The live-work-play National development is under construction at the corner of E.E. Butler and Spring Street and will sit on the lot where the First National Bank was located.
This development will include a 130 room Courtyard by Marriott hotel and a 157 unit apartment tower with an outdoor plaza. All of this will be built on top of a two-story underground parking garage.
During a groundbreaking ceremony Monday morning, several key players in the project provided updates on construction.
Jeff Payne, chairman of Capstone Property Group, the developer for the project, said concrete and other material from the demolished First National Bank is being recycled.
"We reused virtually the entire bank in our construction, over 24 million pounds of concrete and almost two million pounds of steel," said Payne. "The concrete has all been ground up into different sizes of gravel component that will be reused here on the site- a lot of it is already on the ground for foundations."
Payne said steel, copper and aluminum from the old bank building was taken to a recycling center where it will be repurposed for other projects.
The total cost for the development is now estimated at 75 million dollars, according to Payne. It is funded by private development, Tax Allocation District increment development and Pinnacle Bank.
The planned six story apartment tower will include both one and two bedroom units.
Jonathan Collins, president of Capstone, said this building is geared toward young professionals.
"I think Gainesville, in a way, is craving a development like this, similar to the Solis here across the street," said Collins. "Gainesville has jobs to support that demographic and this is allowing them an opportunity to live here on the square."
He said the building will include amenities with that age group in mind as well, with a fitness center and club room.
Payne said the entire development has the potential to impact the entire city and region for the better.
"I hope that we'll see this more as a tourist destination where people from North Georgia or outside of our region want to come and enjoy the beauty of the lake, enjoy the restaurants and shops," said Payne. "I feel like all of the developments are complimentary, they don't seem to be competitive to me, so I think they'll all build synergy to improve the downtown environment."
Payne said the hotel may finish a little bit before the apartments. The entire development is expected to be complete by May 2023.
