Wood Partners Ring Condo Bell Again

Wood Partners hasn't issued a formal announcement on the estimated $70-million venture but area brokers in a position to know tell GlobeSt.com the 282-unit, 19-story project should be ready for occupancy in 2006. An undetermined amount of retail will take up the ground floor. Four other levels will be reserved for parking. Fourteen stories above the parking will house the condo homes. The projected retail price of the individual condos hasn't been set yet, brokers tell GlobeSt.com.

The six-acre development site is on Powers Ferry Road and Windy Ridge Parkway in the Wildwood development which houses over one million sf of class A office space developed by locally based Cousins Properties Inc. The decision to build in the Wildwood development, rather than in the far-out suburbs, comes as more workers continue to look for homes near their place of employment, brokers say.

For Wood Partners, the Wildwood condo-retail enterprise is one of a half dozen comparable projects the developer has on its plate. With another local developer, the Novare Group, Wood plans a $100-million, 29-story, 406-condo-office-retail community on a two-acre site at Center City, the area's newest development destination at Peachtree Street and Piedmont Road in the affluent Buckhead district near Downtown. That project will also house 16,000 sf of office and 13,000 sf of street-level retail, as GlobeSt.com previously reported.

In December 2003, Novare-Wood broke ground on a 27-story, retail-oriented condominium tower on the 1.8-acre site of the former Atlanta Cabana Motor Hotel in Midtown. And in August of the same year, the developer started a 21-story apartment complex on Pharr Road in Buckhead.

Based on the developers' own estimated hard construction costs of previously announced projects, the newest undertaking in the Wildwood development will probably be built at a hard construction cost of about $250 per sf, area construction industry sources tell GlobeSt.com.