Slow Market Kills Hines' $100M Venture

ATLANTA-One year after the Atlanta Symphony Orchestra selected Houston-based Hines to co-develop a six-acre site at Peachtree and 14th Streets, Houston-based Hines is shelving plans to erect two Midtown luxury condominium communities totaling about 450 units.

Hines officials tell GlobeSt.com construction of the symphony’s new hall, scheduled to open in 2008, remains on schedule. Bob Voyles, a Hines senior vice president, told Atlanta-area business leaders at an annual Hines forecast breakfast that condo market consultants fear there is little demand for the condo product at this time because of the sluggish economy.

Locally based Haddow & Co. advised Hines the condo market won’t support a planned 40-story, 300-unit tower and a second 150-unit high-rise. Hines had planned to complete the two projects between late 2005 and early 2007.