A third developer, Atlanta-based Novare Group-Wood Partners, plans to break ground by fall on a 21-story apartment complex expected to open by year end 2004 on Pharr Road.
Gambling on a national economic recovery and a new wave of corporate relocations, Regent and Hanover are finishing a total 600 units at an estimated aggregate development cost of $100 million, or about $166,666 per unit, area construction industry estimators tell GlobeSt.com.
The apartments are expected to rent for an average $4,700 per month, based on an asking rent range of $1,500 to $10,000 per month, rental brokers intimate with the luxury apartment market tell GlobeSt.com. Most of the units are expected to be ready for occupancy by spring 2004.
"Sure, it's a calculated risk but even if the economy doesn't turn (upward), these apartments are still expected to rent up eventually," one broker, who may be asked to assist in marketing one of the products, tells GlobeSt.com.
He says the proximity of about 17 million sf of class A office space in the Buckhead district is expected to be a positive factor in attracting renters. The bulk of the renters is expected to be upper-level corporate executives, the broker adds.
The two projects are Regent's Tower Place, a 37-story, 451-foot tall, 286-unit structure at Peachtree and Piedmont roads and the Buckhead Loop at GA 400. Across GA 400 is Hanover's 39-story, 314-unit building that includes a 30-seat movie theater.
Area rental brokers tell GlobeSt.com asking monthly rents at the $66 million Tower Place are expected to run from $1,500 to $6,000, or an average $3,750. Hanover rents, subject to change, could run from $1,500 to $10,000, or an average $5,750 per month, brokers say.
"The developers need those sort of rents to get within reach of covering the development costs," a construction industry estimator, who has worked on comparable high-rise shelter projects, tells GlobeSt.com.
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