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ATLANTA-A joint venture of locally based firms Jamestown Properties and Shailendra Group have purchased a 1.69-acre site with plans to develop a mixed-use tower at 1400 Peachtree St.

The property is located at the corner of 17th and Peachtree streets in north Midtown. The tower will contain office, hotel, retail and residential components. Shailendra Group development manager Paul Shailendra tells GlobeSt.com that, under zoning rules, the development could be as large as 900,000 sf. The development would be included in one or two buildings, but the final details of each of the components have not yet been determined. “We know the tenant types, but we don’t know the breakdown yet,” Shailendra says. “We know we want to include a four- to five-star hotel, high-end residential units and high-end retail space.”

The parcel is located one block north of the High Museum of Art and the Woodruff Arts Center and two blocks north of Marta’s Arts Center rail station. Developers are bullish on the development prospects for Midtown. “We’re pretty excited about this project,” Shailendra says. “We think the Midtown market is one of the best in Atlanta, if not the entire Southeast.”

After selling six buildings for $4 billion in New York and Boston this year, Jamestown is turning its attention to the Southeast. The company, which invests money from German investors in US real estate, has focused on areas with great potential such as Savannah, Charleston and Atlanta. Shailendra Group will continue to independently focus on its real estate business across the Southeast, including a new 1,100-acre land assemblage and mixed-use development in Pasco County and a 3,200-acre mixed-use development in Callaway.

“We see Midtown as Atlanta’s best opportunity for a world-class urban environment. Jamestown’s experience in 24/7 markets such as New York, Boston and San Francisco lead us to see great potential in Midtown,” says Jamestown managing director Matt Bronfman. “We have that vision in mind as we move forward with plans to develop 1400 Peachtree.”

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