Chartwell president Nixon Jefferson, a former executive at Post Properties Inc., says Chartwell is buying the one-acre development lot at an undisclosed price from Post. Area brokers tell GlobeSt.com the price will probably be in the $2-million-per-acre range, based on land sales recorded in the metro area this year.
Chartwell is also completing the 22-story, 230,000-sf, $52 million Paces 325 condo venture in Buckhead Village. The Midtown condos, planned next to the Federal Reserve Bank building, will sell from the mid-$100,000s to the high $300,000s. The Buckhead condos are priced from $180,000 to $500,000.
"This new (Midtown) project fits perfectly with our goal at Chartwell Development--to create buildings that play a major role in urban revival," Jefferson says. "This is the best piece of real estate left in Intown Atlanta, as it is the highest point geographically, offering immediate views above lower Midtown sites."
Post Properties planned to build a comparable condo project on the same Midtown site in the late 1990s. "I thought this was a great site for a residential development when I worked on it at Post, and I still do," Jefferson says. "Midtown is thriving and the location is unbeatable, with easy access to all of Atlanta's interstates, Peachtree Street and MARTA."
The new tower's one-acre site at the corner of Peachtree Walk and 11th streets is bound by 10th, 11th, Peachtree and West Peachtree streets. "Midtown's booming restaurant and entertainment district is less than a block from the site, and MARTA's new entrance on the north side of 10th Street will be about 25 yards from the building," says Jefferson.
Chartwell Development is a subsidiary of France-based European American Realty Ltd. The 25-year-old company also has an office in Chicago.
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