Locally based Regent Partners, which sold the property to LeCraw, is racing to complete the building's construction to meet LeCraw's spring sales program. The development cost equates to an average $223,776 per unit. The condos will be marketed by Coldwell Banker the Condo Store from $190,000 to $1-million-plus for living areas that range from 900 sf to 3,000 sf.
LeCraw says he bought the property "to meet the demand for luxury living close to Phipps Plaza and Lenox" and "to build a property that will exceed the typical, residential product offerings this area has seen in recent years."
The new residential construction comes at a time when the Buckhead community, five miles north of Downtown, faces an unprecedented wave of violence in its entertainment district that has been building up for the past four years, local civic leaders tell GlobeSt.com.
Residents in the 12-acre tourist district, dotted with $500,000-plus homes, have a median household income of $143,337 versus a metro Atlanta median income of $43,596, according to local chambers of commerce. Buckhead has often been described by visitors as the Beverly Hills of the East.
For LeCraw, the Buckhead project is being done at the same time the developer is making his first attempt at workforce housing. In Atlanta, LeCraw's company is completing M Street, a $30-million, 308-unit apartment complex at the corner of Northside Drive and Marietta Street on the site of a former metal cycling plant. The project is slated to open in May. The construction phase of M Street is being funded by a $30-million loan from the city which has a promise from LeCraw that the developer will reserve some of the 308 units for low-income families.
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