Chicago-based Invsco had intended to build an 83-unit condominium on the site, but changed its mind over concerns that Atlanta's condominium market is saturated, according to published reports.
The property is expected to be worth about $10 million or $4.35 million per acre ($99.81 per sf), according to the report. GlobeSt.com couldn't reach American Invsco officials at publication deadline for additional details.
The parcel, at the corner of Peachtree and Rumson roads, is zoned for a 380-unit to 400-unit complex. Average rents in the area are $2 per sf, according to the report. The site is near a heavy commercial area. Companies such as Cingular Wireless, Cox Enterprises, Bass Hotels and United Parcel Service are headquartered just north of there.
In Atlanta, American Invsco operates the Windsor Over Peachtree, in Midtown, and Mount Vernon Plantation, a townhome community in Dunwoody, GA.
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