Area hotel brokers familiar with the project tell GlobeSt.com the undertaking may be six years away from completion. Hanover representatives couldn't be reached by GlobeSt.com's publication deadline to learn additional details and the estimated cost of the enterprise.
However, according to the filed preliminary plans, the project will consist of 530 condominium homes, a 250-room hotel, 50,000 sf of retail and 8,500 sf of restaurant space. The project will be built in phases on the development site at Phipps Boulevard and Wieuca Road.
Area construction sources who have worked on several comparable Buckhead projects in the past three years tell GlobeSt.com the condos will probably have a hard construction cost of $200,000 per unit or a total $106 million. The hotel, at about $190,000 per room, will come in at an estimated $47.5 million. The retail component, at about $100 per sf, will be at least $5 million. And the restaurant space, at about $150 per sf, will be close to $3 million.
The Atlanta Regional Commission and the Georgia Regional Transportation Authority will be reviewing the preliminary plans for possible economic impact on the immediate area, city staffers confirm for GlobeSt.com. Metro Atlanta has about 95,000 hotel and motel rooms, according to hospitality industry sources.
Privately owned Hanover is also completing the estimated $50-million, 39-story, 314-unit Paramount apartments at Peachtree and Piedmont roads.
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