A Florida-based luxury condo developer is eyeing a prime Buckhead location for its next high-rise.
Kolter Urban has proposed a 198-unit condominium tower at 102 West Paces Ferry Road, the Atlanta Business Chronicle reported. The 3-acre development site is a shopping center and parking lot adjacent to the five-star St. Regis Atlanta hotel.
Plans for the 19-story development detail a mix of one-, two-, and three-bedroom units. Rule Joy Trammell + Rubio is listed as the project architect.
The development site was previously considered for a mixed-use development by local developers Kent Levenson, George Burkow and Ned Burkow.
Kolter Urban’s development will target buyers seeking a “lock-and-leave lifestyle,” said Aaron Taulbee, a development executive with the firm.
Many multifamily developers have steered away from large-scale condo projects in Atlanta since the Great Recession, favoring rental high-rises and creating a gap in the market for affluent buyers. In the past year, just 35 of the 745 condo units sold in Buckhead were in buildings constructed after 2010, highlighting the limited availability of new inventory for high-income buyers, the outlet previously reported, analyzing Multiple Listing Service data.
Lenders have shied away from condo projects too, but Kolter Urban has found success in the Atlanta market. The firm previously developed the 21-story Graydon Buckhead tower at 2520 Peachtree Road, which sold out a year ago, with an average price of $2.7 million per unit, or nearly $950 per square foot.
Kolter Urban is also wrapping up construction on The Dillon, an 18-story condo project nearby at 2395 Peachtree Road. Sixty of its 144 units had been sold as of last month.
—Rachel Stone
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