Area brokers familiar with comparable projects tell GlobeSt.com the joint venture will probably build the project at an estimated hard construction cost of about $200,000 per unit or a total $25 million. For Cousins, long known as the office development kingpin in the metropolitan area, the condo enterprise will be its first shelter undertaking.
Cousins, however, hasn't formally announced its participation in the venture or its projected development cost. "Since we haven't committed to the development of the project yet, we're not in a position to discuss costs," a Cousins spokesman tells GlobeSt.com.
Knowledgeable Midtown brokers tell GlobeSt.com Cousins also plans to develop a 54-story, 523-unit condo tower in Miami at an estimated hard construction cost of $125 million. Cousins has decided to enter to condo development market at this time because of a continued slow demand for new office space in the Southeast, according to brokers monitoring the condo industry.
Gellerstedt Development LLC is a one-year-old firm formed by Larry Gellerstedt III, whose family name has been synonymous with top construction project in the city for 75 years. Gellerstedt is the former chairman and CEO of Beers Construction Co. He also has condo development plans in suburban Decatur; near City Hall East; and on Centennial Olympic Park.
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