Occupancy is tentatively scheduled for summer 2006. Sembler Co. of St. Petersburg, FL, one of the metro area's most aggressive retail developers, is completing 500,000 sf of ground-floor retail at the Manhattan with the first stores scheduled to open this fall.
A Super Target will anchor the retail component, along with a full grocery store and a restaurant row with more than a dozen national restaurant concepts. "All of the retail is designed to be part of a pedestrian-oriented Main Street village with wide sidewalks and green space," Southeast Capital principal Satish Lathi tells GlobeSt.com.
On the condo project, which is rising above the 44-acre Perimeter Place mixed-use development, Lathi says he is "encouraged by the market reaction" to the Manhattan because "the Perimeter market is difficult to understand."
Lathi notes "there are mid-rise projects that are not doing so well; townhouse projects that are doing very well; and some that are not doing as well. We are finishing up a conversion project that did very well, due to the renovated product, great location and price point."
However, he tells GlobeSt.com that conversion project is "different than the Midtown or Buckhead market where you see a lot of cookie-cutter boxes in the sky. The Perimeter [market] buyer is much more sophisticated and demanding. You really have to be careful designing your product, picking your location, pricing the homes and making the tradeoffs between features and price point such that you are delivering a great value."
Lathi adds, "We have seen that people won't just buy anything. They are looking for value."
The price range at the Manhattan is $200,000 for one-bedroom units to the $1-million-plus level for penthouses. The two penthouse units are sold out.
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