Headed by Lawrence L. Gellerstedt III, the former CEO of Beers Construction Co., Gellerstedt Group is partnering with Integral Group, headed by Egbert Perry, Gellerstedt's former colleague at Beers.
Gellerstedt couldn't be reached at GlobeSt.com's deadline to learn a groundbreaking date or the development cost of the project. But Downtown brokers familiar with the project tell GlobeSt.com, the condo/retail project will probably start in first quarter 2004 and be ready for occupancy in first quarter 2005.
Construction industry estimators who have worked on similar undertakings tell GlobeSt.com the Gellerstedt project probably can't be built for less than $100 per sf or a total $25 million. Brokers tell GlobeSt.com Gellerstedt is searching for similar development opportunities in Midtown and suburban Decatur, GA.
Meanwhile, Jim Borders of the Novare Group, plans to develop 1,200 apartment units on a four-acre pad, also in north Downtown, brokers tell GlobeSt.com. The project is expected to break ground in 2004 next to the MARTA Civic Center station. Brokers estimate the hard construction cost of the Novare project at $60 million.
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