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ATLANTA-In a style reminiscent of New York’s fabled Park Avenue, local developers John A. Williams and Clark Butler plan to break ground in first quarter 2006 on the Mansion on Peachtree, an estimated $75-million, 169-unit hotel and condominium community. The 52-story project will rise at Peachtree and Stratford streets, the former site of the Art Institute of Atlanta in suburban Buckhead.

They plan to have the venture completed by third quarter 2007, according to the website of their newly formed company, City Centre Properties LLC. Williams and Butler couldn’t be reached by GlobeSt.com’s publication deadline. However, on their company’s website, the developers promise to produce a project in “Park Avenue style with six acres of green space and tree-lined walks.”

The Mansion on Peachtree is planned for 124 “top-shelf” hotel rooms, 42 residential condos, three garden villas, a 15,000 sf spa, two restaurants, several meeting rooms and 260 parking spaces. The undertaking will be operated by Dallas-based Rosewood Hotels & Resorts LLC, according to the developers.

Robert AM Stern of NY is designing the Mansion on Peachtree. Milton Pate Architects Inc. of Decatur is the production architect. Holder Construction of Atlanta is the general contractor.

Area construction sources who have worked on five-star rated resort projects globally tell GlobeSt.com their estimated $75-million hard construction cost for the project may be on the low side and could easily wind up as a $100-million-plus project.

They base their tentative estimate on about $25 million for the 124 hotel rooms at $200,000 per room; about $13 million for the 42 condos at about $300,000 per unit; $500,000 for the three garden villas at about $150,000 per villa; about $2.5 million for the spa at $150 per sf; two restaurants at about $250 per sf for a total estimated 100,000 sf of space; and about $2.6 million for 260 covered parking spaces at an estimated $10,000 per space.

Williams and Butler co-founded City Centre Properties in May 2004, focusing on high-rise residential development in major metropolitan urban areas, such as Atlanta, Miami, New York City and Washington, DC.

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