The developers plan a 29-story structure that will house 406 condo units, 16,000 sf of office and 13,000 sf of street-level retail, Downtown brokers in a position to know tell GlobeSt.com. The condo component alone will have an estimated 'hard' development cost of $81.2 million, based on at least $200,000 per unit construction cost, industry estimators who have worked on comparable projects tell GlobeSt.com.
The condos will offer 10-ft ceilings in the one-bedroom and two-bedroom units that will be priced from $160,000 to $300,000, condo brokers familiar with the venture tell GlobeSt.com.
The site is next to the Grand Hyatt Atlanta hotel and across from the InterContinental Atlanta Buckhead Hotel, scheduled to open in November on Peachtree Street.
The newest planned venture follows the developers' ground-breaking in December 2003 on a 27-story, retail-oriented condominium tower on the 1.8-acre site of the former Atlanta Cabana Motor Hotel in Midtown. In August 2003, Novare-Wood broke ground on a 21-story apartment complex on Pharr Road in Buckhead.
Novare-Wood paid $7 million, or $3.5 million per acre, for its newest two-acre Buckhead site, the highest land price recorded in the area this year and possibly in the last five years, industrial brokers familiar with commercial site prices tell GlobeSt.com.
At about $80.35 per sf, the Novare-Wood purchase tops the partners' September 2003 purchase of a 3.8-acre tract at West Peachtree and Alexander streets Downtown. At that time, Novare-Wood paid locally based Peachtree Portal LP/TCW Realty Advisors $8.2 million, or $2.2 million per acre, which equates to about $50 per sf.
Novare-Wood's $80.35-per-sf price even topped what area brokers previously believed to have been the highest land price recorded in the metro area--the $62.61-per-sf price Daniel Corp. of Birmingham, AL paid for a 3.3-acre parcel just north of the Novare-Wood site at West Peachtree and Alexander streets. Daniel paid $9 million, or $2.7 million per acre, local brokers intimate with the transaction tell GlobeSt.com.
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