(Read more on the multifamily market.)
ATLANTA-Construction has started on a 20-story, 155-unit residential tower at the intersection of Peachtree and Piedmont roads. The tower is being constructed by locally based Coro Realty Advisors Inc. on behalf of its client, JH Holdings Inc.
The project, which has not yet been named, is part of the redevelopment of the 14-acre Buckhead Place site into a mixed-use complex. Coro Realty Advisors president John Lundeen tells GlobeSt.com that building will have one-, two-, three- and a few four-bedroom units with an average unit size of 1,250 sf. Rents will average $2 per sf.
“At one point we explored doing a condominium project, but we decided against it,” Lundeen says. “There are a lot of people who don't want to buy, but want to rent in a luxury setting.”
In addition to the residences, the project will include 9,100 sf of retail/office space. There will be 3,100 sf on the first floor and 6,000 sf on the second floor. No leases have yet been signed for the space, although a prospective tenant has been identified, Lundeen says.
The tower was designed by locally based Ai Group; Manhattan Construction is the general contractor. The tower is expected to be completed in spring 2009. Another phase of the project, which will include additional retail, restaurant, residential and hotel space, is expected to begin in 2008. Details of the second phase, which is in the entitlement process, have not yet been determined, Lundeen says.
The redevelopment of Buckhead Place begin in 1994 with construction of a retail center that now includes Hyatt Place Hotel and Rock Bottom Brewery and Restaurant, as well as retail tenants such as Marshalls, LA Fitness, Insperience and Priscilla of Boston.
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