ATLANTA-Four name developers plan to break ground by fall on 3630 Peachtree Rd., one of the most expensive mixed-use projects yet attempted in the Buckhead submarket, eight miles north of Downtown Atlanta.
Pope & Land Enterprises Inc., Post Properties Inc., Duke Realty Corp. and Novare Group anticipate opening the two-tower complex by year-end 2008 at the northwest corner of Peachtree and Dunwoody roads. The developers won city approval on rezoning the prime four-acre development tract in December, as GlobeSt.com previously reported.
For Duke, the project is the Indianapolis-based company’s entrance to Atlanta’s urban real estate market. “An exceptional opportunity,” says Kerry Armstrong, senior vice president, Duke Atlanta office group.
For Post Properties, the venture is that REIT’s first new for-sale housing project in metro Atlanta. “An outstanding complement to the lifestyle that buyers will find in our luxury residences,” notes Tom Senkbeil, executive vice president and chief investment officer of Post Properties. The 284 condos will retail from $650,000 to $1 million-plus.
Each of the four developers has a specific role in the undertaking. Pope & Land and Duke will co-develop the class A office space in a planned 36-story south building facing Peachtree Road. In the same tower, Post Properties will develop 84 condo homes totaling 230,000 sf. The condos will have 1,700 to 3,000 sf of living area.
Under development at the same time will be a 29-story north tower that Novare Group will be constructing for 200 residential condos totaling 275,000 sf. These homes will average 1,700 sf of living area.
The project’s developer of record, 3630 Holdings Limited Partnership, bought the four-acre site Jan. 31 from Millennium Buckhead LLC for an estimated $16 million or $4 million per acre ($91.83 per sf), as GlobeSt.com reported Feb. 2. The land deal is the largest this year, according to GlobeSt.com research.