Ritz-Carlton Offers Buckhead Condos

The Ritz-Carlton Residences will be part of 3630 Peachtree Road, a 34-story mixed-use project announced last summer that will also include 425,000 sf of class A office space and 17,000 sf of ground-level retail. The upscale condos, with one to three bedrooms each, will be offered in the upper 17 floors of the tower, which will cost at least $300 million to complete.

David Stockert, president and CEO of Post Properties, says he is confident that the Ritz-Carlton Residences will sell well, in spite of doldrums in Atlanta's overall condo market. He says its Buckhead location is desirable on both local and national levels, the homes will be top quality, and they will be combined with Ritz-Carlton's name, reputation and lifestyle.

"When people are shopping for a high-rise condominium home, the fact that the Ritz-Carlton is putting its seal of approval on the project is going to give them a lot of peace of mind," Stockert tells GlobeSt.com. "We're realistic about the entire housing market. I think the upper-end market has held up relatively well."

Ritz-Carlton residents, who will live a few blocks from the hotel's Buckhead location, will have access to many of the same traditional amenities as overnight guests, including housekeeping, concierge and porter services, as well as in-home dining and private chef availability. A formal dining room and large social gathering spaces will be available on the 18th and 19th floors of 3630 Peachtree.

"It took a great deal of time and effort, all well worth it, to meet the exacting standards required," Jim Borders, Novare Group CEO, stated in a release. "Atlanta and the Ritz-Carlton have a long history together, and we consider ourselves fortunate to be able to add to that heritage."

While Novare Group has a long-standing reputation as a condo developer in Atlanta, Post Properties is known more for upscale rental apartments, though it has developed condos in a few select markets. Stockert describes the relationship between both partners on the Ritz-Carlton Residences as "fantastic," noting that they do not compete against each other within the same markets.

Stockert adds that the Ritz-Carlton Hotel Co., which has previous residential projects in select cities and resort destinations worldwide, has long been seeking to build such a project in Atlanta. Construction on the Ritz-Carlton Residences in Buckhead has been under way since June 2007 and sales will begin later this fall, with occupancy starting in mid-summer next year.

"The Ritz doesn't come to these decisions lightly," Stockert says. "If it were not for the quality of the development and the specific location in Buckhead, they wouldn't be involved. For someone looking for that neighborhood and that lifestyle, I think this will be a very compelling offering."