Tivoli CEO Scott L. Leventhal couldn't be reached by GlobeSt.com's publication deadline to learn the development cost of the project. However, Midtown area brokers and construction sources familiar with comparable undertakings tell GlobeSt.com the units will probably have a hard construction cost of $200,000 each or an estimated total $16.8 million. The planned retail component is expected to bring the estimated development cost to at least $20 million, sources tell GlobeSt.com.
The condo homes will average 1,800 sf of living area. Midtown corporate executives and young professionals are expected to be the first wave of buyers for the homes, area marketing sources tell GlobeSt.com.
Tivoli Properties has developed several suburban subdivisions; a townhouse complex at Piedmont Avenue and Third Street; and Duo in Castleberry Hill, a Downtown loft development.
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