(Read more on the multifamily market.)

ATLANTA-Locally based Cousins Properties Inc. has begun construction on 10 Terminus Place, a 32-story, 142-unit condominium tower. The tower is the second building in the $660-million mixed-use Terminus project.

The project is slated for completion in the third quarter of 2008. Terminus is located at the intersection of Peachtree and Piedmont roads in the Buckhead district. “Buckhead has more than its share of customers for ultra-luxury residential buildings but we are seeing another set of customers that are focused on a combination of luxury and value,” says Cousins chairman and CEO Tom Bell.

Prices for units at 10 Terminus Place range from more than $300,000 to above $3 million. A company spokesman tells GlobeSt.com that the company moved forward with the project due to the pre-sales momentum, although he did not say how many units had been sold. “The overall size of the project is fairly small so we anticipate selling out the project quickly,” he says.

The first phase of Terminus is the 27-story, 650,000-sf Terminus 100, which includes 584,000 sf of office space and more than 60,000 sf of restaurant and retail space. It opened in early April. Subsequent phases of the project include Terminus 200, a 25-story, 580,000-sf office building which is expected to break ground in May and be completed during the second quarter of 2009 and two 40-story condominium towers. “This sort of practical experience developing high-rise residential as part of an urban mixed-use project provides a great foundation to act upon the growing number of mixed-use opportunities we’re seeing across our Sunbelt markets,” Bell explains.

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