ATLANTA-A joint venture of locally based Kairos Development and New York City-based Real Estate Capital Partners are developing the $51-million, 71-unit Astoria at the Aramore condominium project at 2277 Peachtree Rd. The project will include 28,000 sf of office space and 5,700 sf of street-level retail space.

Locally based First Fidelity director Robert Kadoori served as the broker in obtaining project financing. Flagstar Bank has provided a $40-million construction loan commitment for the project.

The project is the third and final phase of the Aramore residential complex located in the Peachtree Battle neighborhood. Earlier phases were completed in 2003 through 2004, and included 124 residential units with 18,000 sf of street-level retail. Units average 2,000 sf and are being sold for an average of $750,000.

Construction is expected to begin in early March with Batson-Cook as the general contractor. Project completed is anticipated in spring 2008, Kadoori tells GlobeSt.com. "The project sits on the border of Buckhead and Midtown so the location is excellent," he says.

Marketing efforts for the commercial have not yet started, but the space is expected to draw similar tenants as the first two phases, such contain high-end restaurants and shopping. "Kairos designed the building to appeal to the 'well-over-40' crowd," Kadoori says. "Kairos has enjoyed very strong pre-sales which was obviously very meaningful to the capital partners."