This time the partners are aiming at the 138-acre, $2-billion Atlantic Station redevelopment in Midtown where they will build a 26-story condominium and hotel venture estimated by local brokers to be in the $75-million cost range.
Brokers tell GlobeSt.com the 404 condo units will probably be built at a hard construction cost of $150,000 each. The 101 hotel rooms will probably go up at $100,000 per room. Completion is scheduled for fall 2005.
The Novare-Wood project will be built behind the new 21-story, 300,000-sf SouthTrust office building on 17th Street, Atlantic Station's first large commercial structure. SouthTrust plans to occupy 95,000 sf in the building while the law firm Arnall Golden Gregory will occupy 135,000 sf, as GlobeSt.com previously reported. The building officially opens for occupancy May 12.
In approaching their Atlantic Station venture, Novare-Wood officials tailored the condo-hotel concept as a model that could be used in other markets in the near future, hospitality industry consultants intimate with the project tell GlobeSt.com. The partners' new company, Twelve Hotels and Residences, could franchise the concept to other developers, according to area consultants.
The Atlantic Station project will be called Twelve. Besides the 404 condo units on the first six floors of the building, the structure will have a 5,000-sf ballroom, 10,000 sf of retail and a 5,000-sf restaurant. Atlantic Station developer Jim Jacoby plans to have a total 1,000 hotel rooms among at least three hotel properties in his redevelopment of the former steel mill site.
Among recent Novare-Wood projects are Spire, a 28-story condo community that broke ground in March at 860 Peachtree St. in Midtown; and City Center, a 29-story Buckhead condo community scheduled to start construction in September at Piedmont Road and Peachtree Street. The partners also built Metropolis condos in Midtown and plan to develop 1,100 condo units near Centennial Olympic Park at an undetermined date.
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