Another 29 story condo tower for Buckhead

[Guest donaltopablo]

Seems construction is picking back up after the end of year/winter season. This is the second 20+ story tower proposed inside the city of Atlanta this week. There is also expected to be a big annoucement from Coke and it's developer in the next week or so. Novare group also proposed 1,000 downtown residential units (in like 2 30 story towers) near the Coke development downtown and is waiting on the Coke development annoucement to ensure it fits in. Lots of construction, although mostly residential.

Condos to rise at Peachtree and Piedmont

By WALTER WOODS

The Atlanta Journal-Constitution

Published on: 03/18/04

Wood Partners and Novare Group Inc., developers of prominent Atlanta condo towers Metropolis and Spire, will break ground in September on a 29-story condo, office and retail building at the prime corner of Peachtree Street and Piedmont Road in Buckhead.

The new building will rise on two acres of what's known as Center City, next to the Grand Hyatt Atlanta and across Peachtree Street from the new InterContinental Atlanta Buckhead hotel, which is scheduled to open in November.

Wood and Novare bought the site for $7 million on Feb. 20. Plans call for the building to have 406 high-rise condominiums with 13,000 square feet of street-level retail and 16,000 square feet of office space.

[Guest donaltopablo]

Here is another version of the same article, it includes some information on Novare's other Atlanta projects, including the other condo towers.

Wood Partners, Novare Group plan condo at Peachtree and Piedmont roads

Jarred Schenke

Staff Writer

Two of the most prolific condominium developers in Atlanta are teaming up to build a 29-story condo tower on one of the hottest corners of Buckhead.

Wood Partners LLC and Novare Group Inc. plan to develop the housing component on the City Center property, a 12.5-acre property that wraps around the Grand Hyatt Atlanta hotel at the intersection of Peachtree and Piedmont roads.

Wood and Novare purchased two acres of the land for $7 million on Feb. 20. The multifamily developers plan a 406-unit high-rise condominium with 13,000 square feet of street-level retail space and 16,000 square feet of office space, company officials said. The condominium is tentatively called One City Center.

Wood and Novare plan to offer condo units for between $160,000 and $300,000, officials said. The condo tower will include one- and two-bedroom studio format units, and will include a workout facility, swimming pool and clubroom.

"We see tremendous opportunity in Buckhead for our brand of residential, high-rise communities," said Mark Randall, director of Wood Partners.

The duo have developed the successful Metropolis condo tower in Midtown and are developing the Eclipse at 250 Pharr Road. They also have plans for a project called Spire, a 28-story, 393-unit condominium at 860 Peachtree Street that will range in price from $150,000 to $380,000 per unit.

Wood and Novare also are negotiating to co-develop another high-rise residential tower, at the Peachtree Portal site, a 3.75-acre tract on Alexander Street, about a block south of the Civic Center MARTA Station. The Novare/Wood tract is part of a larger tract that will house the future Southern Co. headquarters office building being developed by Barry Real Estate Co. Novare Group purchased its land for $8.2 million last year to build 1,100 residential units.

Wood and Novare's One City Center project is the first portion of the planned-mixed-use project for the City Center property to move forward, with groundbreaking scheduled for September. Construction is estimated to last 18 months.

The larger tract was purchased by Pope & Land Enterprises Inc., together with Kent Levenson of Easlan Capital Inc. and local real estate investor George Berkow. The group bought the property in January from New York-based Blackstone Group L.P. for $18.85 million.

Pope & Land is still hammering out plans for the $500 million, 2.5 million-square-foot project. But it may include a 600,000-square-foot office tower at the corner of Peachtree and Piedmont. That would only start once Pope & Land secures a major tenant to take enough space to finance its construction.

[turlough]

This is pretty good news. I'd love to see some renderings but I'm happy for ATL