ATLANTA-Overton Park in Cobb County is adding two residential high-rise buildings to its mix. The development began as a mixed-use project with office, retail and hotel space. The 34-acre project is located in the high-density office/retail area of the I-75/Cumberland market, about 15 miles northwest of Downtown.

But the trend toward live-work-play developments in the metro area prompted Texas developer Hines Interests Inc. to include a residential component in the project and replace a fifth planned office building with two residential towers.

Hines sold Harbor Cos., a locally based multi-family developer, two of the 34 acres for $2 million or $58,824 per acre ($1.35 per sf). Harbor will begin construction by the end of the second quarter 2001 on the first of two residential towers. The $40-million building is expected to be completed in the spring of 2003.

The first 18-story tower will have 200 units from 700 sf to 1,800 sf. The eight penthouse units will range from 2,300 sf to 3,400 sf. Monthly rents for one-bedroom apartments will go from $1,000 to $2,700 for one, two and three-bedroom units, and $4,200 to $5,600 for penthouses.

Initially, the tower units will be rented and a conversion to condominiums will take place by the end of the second year. Condo prices start at $200,000 and go beyond $500,000. The first office building at Overton Park is under way. The 15-story, 350,000-sf structure is expected to be delivered in January 2002.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.