Area brokers tell GlobeSt.com the first three floors will house retail. The residences begin on the fourth floor which will also offer an outdoor plaza with swimming pool, tennis courts and a fitness center. The developer is locally based Chartwell Development Partners, headed by Nixon Jefferson and Ralph Williams.
The estimated price range of the condos is $190,000 to $500,000-plus. The Chartwell partners couldn't be reached by GlobeSt.com's publication deadline. But a published report says 37 of the 209 units have either been sold or are near contract signing. Area brokers tell GlobeSt.com the estimated hard construction cost of the venture is at least $20 million, or about $100,000 per unit.
The development's architect is locally based Cooper Carry Inc.
Buckhead continues to attract developers in all commercial real estate categories. On the multifamily scene, for example, locally based Regent Partners and Houston-based Hanover Co. are completing a total 600 high-rise units at an estimated aggregate development cost of $100 million, or about $166,666 per unit, as GlobeSt.com previously reported.
In addition, locally based Novare Group-Wood Partners expects to break ground shortly on a 21-story apartment complex on Pharr Road that is slated for opening by year end 2004.
In office construction, Charlotte, NC-based Crescent Resources LC paid $2.1 million, or about $700,000 per acre, in August for a three-acre site zoned for a 500,000-sf building next to the 820,000-sf Phipps Plaza and across the Buckhead Loop from the Ritz-Carlton Hotel.
In the hospitality sector, Alpharetta, GA-based Northpoint Hospitality plans a 220-room Springhill Suites Hotel by Marriott on a 33,141-sf parcel at the intersection of Lenox and Piedmont roads in the Buckhead Loop, as GlobeSt.com previously reported.
Northpoint paid $3.5 million, or the equivalent of about $4.6 million per acre ($105.61 per sf), in late 2002, the highest per-sf price ever paid for land in Buckhead, Kevin Hermetz, senior vice president of locally based Ackerman & Co. who handled the transaction, told GlobeSt.com at the time.
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