ATLANTA-Novare Group, one of the most active condo developers in the Southeast, is partnering with Coro Realty Advisors to develop Gallery, a planned 27-story, 203-unit community at Peachtree and Rumson roads in Buckhead. Homes will average 1,700 sf of living area and be priced from $370,000 to $700,000.
Novare president Jim Borders didn't disclose a ground-breaking date for the project but notes in a prepared statement the condos should be ready for occupancy by 2007. Borders calls Gallery "a new line of luxury condominiums."
He didn't disclose the estimated development cost for the project. However, area construction sources familiar with Novare's previous undertakings tell GlobeSt.com the hard cost for Gallery will probably come in at $60 million, based on an estimated $300,000 construction cost per unit.
Novare and Coro are both based in Atlanta. Novare and its partners have a total 3,500 apartment and condo homes under development in Atlanta and another 12 high-rise condo ventures under construction in the metro area. Novare is also developing multifamily projects in Charlotte, NC; Austin, TX; Tampa, FL; and Nashville.
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