ATLANTA-Cousins Properties Inc. will begin construction in the fall of the first phase of Fox Plaza, a planned 2.4-acre mixed-use development bounded by Ponce de Leon Avenue, Juniper Street, North Avenue and Peachtree Street.
The first phase will consist of the Premiere, a 30-story, 210-unit condominium tower at the southwest corner of Ponce de Leon Avenue and Juniper Street. The tower will include 20,000 sf of street-level retail space, including a 5,000-sf restaurant at the corner of North Avenue and Juniper Street. Cousins did not release the project cost, but area real estate professionals put the price tag at an estimated $100 million.
"This part of Atlanta is rife with landmarks, from the Fabulous Fox Theatre to the Ponce condominium building and the Georgian Terrace Hotel," says Cousins' president and CEO Tom Bell. "We think Fox Plaza will complement the historic nature of the area, bringing some modern touches that will ultimately foster an even stronger sense of community at the entrance to Midtown."
The tower will contain one-, two- and three-bedroom units, as well as penthouse units, starting from the low $300,000s. Demolition of the existing structures on the site, including a 12-story office building, parking deck and drive-thru bank, will begin immediately. The Premiere is expected to be completed in mid-2008.
The second and final phase of Fox Plaza, which is still under development, will contain a mixed-use building. Cousins' director of corporate communications Matt Gove tells GlobeSt.com that the site is appropriate for a number of property types, including hotel, office, residential or retail. A start date for the second phase has not yet been determined. "Demand will dictate what uses the building will contain," Gove says. "We felt it was best to wait and see what the market is doing."
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