Locally based Pope & Land Enterprises Inc., Post Properties Inc., Novare Group and Indianapolis-based Duke Realty Corp. plan a 25-story residential tower and a 20-story office building on the development site, according to a prepared statement from Larry Kelly, president, Pope & Land Enterprises.
The development team has retained Handel Architects of New York and Smallwood, Reynolds, Stewart, Stewart of Atlanta to design the project.
Area construction sources tell GlobeSt.com the estimated total hard construction cost of the project will be in the $165-million range. They base their estimate on increased construction costs of about $200 per sf or a total $85 million for the office component and $200,000 per unit for the condos or a total $80 million.
The new venture comes as the metro area bulges with new, planned or under construction office product along with new condos and condo conversions totaling about 20,000 units, according to several area brokers monitoring the condo market. Locally based Colliers Cauble & Co. research puts the total amount of new construction ready to surface at 1.25 million sf in Buckhead. The 9.86-million-sf submarket containing 37 class buildings had 1.74 million sf of vacant space in the third quarter for an overall vacancy of 17.6%. The average annual rent was $25.26 per sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.