(Read more on the multifamily market.)

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ATLANTA-Construction has started on Vinings Main, a 16-acredevelopment that includes 229 residential units, 30,000 sf ofoffice space and 20,000 sf of retail space. The project is beingbuilt on Paces Ferry Road inside of Interstate 285 across fromVinings Mountain.

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The project is a joint development between locally based WoodPartners, the Alpharetta-based Columns Group and locally basedMonte Hewett Homes. Wood Partners is developing the condominiumresidences, office and retail space; the Columns Group and MonteHewett Homes is developing the townhomes. The project cost for thecondominiums, office and retail space is $60 million. Project costfigures for the townhomes were not available, Wood Partners projectmanager Nitesh Sapra tells GlobeSt.com.

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The residential component of the project will include 148condominiums priced from the high $200,000s to the high $500,000sand 81 four-story townhomes priced from the $600,000s to more than$1 million. The one-, two- and three-bedroom condos range in sizefrom 900 sf to 2,000 sf and will be located in three mid-risebuildings. The three- and four-bedroom townhomes will range in sizefrom 2,400 to 4,600 sf. The office and retail space is expected tobe completed in the first quarter of 2008 and the residential unitsin the second quarter of 2008, Sapra says.

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Sapra adds that sales efforts for the condominiums will begin inSeptember. Norcross-based Parkside Partners is assisting WoodPartners with the sale of the office space and the locally basedShopping Center Group is assisting with the leasing of the retailspace. Of the 20,000 sf of retail space, 6,000 sf to 7,000 sf willbe set aside for a restaurant, Sapra says.

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The residential units will be located within a gated communityalong the shores of a lake. The residences will be one block fromVinings Jubilee, where shops and restaurants are located, andwithin a short walk to the Old Vinings Inn, the Pace House, the OldPavilion and the Chattahoochee River.

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"Vinings is a unique neighborhood in that it's convenient toMidtown and Buckhead, but is removed from those areas," Sapra says."It's a pedestrian-friendly neighborhood that has a charming, oldtown feel to it."

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