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ATLANTA-Long-time Atlanta developer Tim Hartigan has spotted a residential niche in the Reynoldstown neighborhood of southeast Atlanta and tells GlobeSt.com he is rushing to complete his $2.8-million, 15-unit Townhomes at South Park Lofts by the end of November.

Five pre-construction sales total $1.15 million. The homes sell for $220,000 to $250,000. "Interest in the project has exceeded our expectations and we expect to sell out in a few weeks," Hartigan says.

Reynoldstown is five miles east of Downtown and immediately south of Inman Park. The project "occupies its own niche in the area," Hartigan tells GlobeSt.com. "If you want an immediately available new townhome in the area for less than $250,000, the Townhomes at South Park Lofts is your best bet," he says. The half-acre property is at 174 Chester Ave.

Existing townhomes in Glenwood Park and Inman Park start at more than $300,000. The nearest townhomes in Reynoldstown are at the Metal Works on Memorial "but they are sold out," Hartigan says. The Reynoldstown project is being done at this time because "there was a market window to deliver a high-quality but affordable townhome product with little competition in the immediate area," the developer tells GlobeSt.com.

He says the Reynoldstown submarket is driven by three factors. "The market forces that have rapidly escalated housing prices in surrounding neighborhoods such as Inman Park and Grant Park have created attractive relative values in Reynoldstown," he explains. Also, Hartigan says, the area is just minutes from I-20, I-75/85 and I-285 and Downtown/Midtown Atlanta, as well Little Five Points, East Atlanta and Virginia Highlands. And the third factor is the presence of "an active, local neighborhood, committed to improving their community, led by the efforts of the Reynoldstown Revitalization Corp."

Five different floor plans at the two-level homes range from 1,220 sf to over 1,600 sf. All units have two bedrooms, 2.5 baths and two-car garages. Regions Bank of Birmingham, AL is funding the construction phase of the project for two-year-old Hartigan Ventures LLC, Hartigan says.

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